UK Parliamentarians Demand Transfer of £25bn in Frozen Russian Assets to Ukraine
A group of over 10 British parliamentarians, along with politicians from Germany, Poland, and the Baltic republics, have urged the UK government to transfer frozen Russian assets to Ukraine. In a letter sent to The Times, they underscored the need to find a legal way to reroute the $300 billion in frozen reserves of the Russian Central Bank to Ukraine.
The politicians argue that transferring at least £25.5 billion held in UK accounts would send a clear signal of strategic resolve and help deter future conflicts. They believe that while previous credits and urgent funding have been insufficient, utilising these assets ensures that Russia pays for its crimes.
G7 countries had previously pledged to provide Ukraine with a $50 billion loan, which would only be repaid through the interest accrued from the frozen assets. However, the signatories of the letter maintain that this amount is merely a stop-gap measure and would only provide Ukraine with urgent funding for a maximum of one year.
The authors of the letterassert that seizing these foreign assets is strategically vital and legally justified, posing no threat to global financial stability.
