Assets and oil: UK explains why now is the time for economic pressure on Russia
Kyiv • UNN
UK Foreign Secretary Yvette Cooper stated that in order to achieve lasting peace in Ukraine, Russia's money must be seized. She emphasized the need for new economic measures, including the use of frozen Russian assets to support and rebuild Ukraine.
To achieve a just and lasting peace in Ukraine, Russia's money must be seized. Three and a half years after Putin's unprovoked invasion of a sovereign state, he has failed in his military goals, but he refuses to seek peace. This was stated in a column for The Sunday Times by British Foreign Secretary Yvette Cooper, reported by UNN.
Details
According to her, Britain is advancing arguments for economic action against Russia together with allies, having imposed sanctions against two of Russia's largest oil and gas companies, which were quickly followed by similar serious sanctions from the US and new EU sanctions, as well as an important meeting of the Coalition of the Willing.
Now is the time for new economic pressure to deprive the Kremlin of military revenues and push Putin to negotiations
In her opinion, "collective efforts will make the biggest difference": Western sanctions have already deprived Russia of at least $450 billion, which is equivalent to approximately two years of funding for Putin's war.
But I clearly understand that we need to go much further in tightening the economic grip. This means new measures aimed at pushing Russian oil and gas out of international markets, but it also means using Russian assets.
She emphasized that now is the time for international action to use Russia's frozen sovereign assets to support Ukraine: with measures such as a reparations loan, it is necessary to ensure that funds can be used "to support Ukraine's resistance and reconstruction right now," because Russia must pay for the damage it inflicts on Ukraine.
"Ukraine's security is Europe's security. That is why the United Kingdom continues to stand firmly with Ukraine now and for decades to come. Not only to help brave people defend themselves. But to make it clear that aggression will not pay off; that force will be resisted; and to defend principles that are important to the whole world," the British minister summarized.
Recall
The United Kingdom is adding 48.7 million euros to the Energy Support Fund for Ukraine, bringing the total contribution to 150.6 million euros. These funds will strengthen Ukraine's energy resilience, including network repairs and asset protection.