Arya News - The UK government is ready to release 8 billion pounds ($10.6 million) from frozen Russian assets to support Ukraine, but such a mechanism has not yet been developed, the Times newspaper reported, citing government sources.
On Wednesday, European Commission President Ursula von der Leyen said that the commission is ready to use Russia"s frozen assets to cover 90 billion euros ($105 billion) of Ukraine"s financial needs for 2026-2027. The final financing decision will be made at the EU summit in December, following consultations. A government source said that a specific process for unlocking 8 billion pounds of Russian assets held in the UK and transferring them to Ukraine has not yet been devised. The European Commission is seeking to get EU countries to use the Russian Central Bank"s assets to finance Ukraine"s war effort. On November 8, Belgian news agency Belga reported that around 140 billion euros in Russian money could be used as a so-called reparations loan, which Ukraine would only repay if it receives "compensation for material damage" from Russia. Belgium opposes the plan over fears of legal consequences. Following the start of Russia"s military operation in Ukraine in 2022, the European Union and the G7 nations froze nearly half of Russia"s foreign currency reserves, totaling approximately 300 billion euros. Around 200 billion euros are held in European accounts, predominantly in Euroclear, a Belgium-based securities depository.