Canada and Britain to join EU plan to use $300 billion in Russian assets for Ukraine's benefit
Kyiv • UNN
Canada and the United Kingdom will join the EU's plan to use nearly $300 billion in Russian Central Bank assets to support Ukraine. This mechanism provides for the provision of loans for weapons and economic support without direct confiscation of funds.
The plan to use part of the almost $300 billion in assets of the Russian central banks to support Ukraine is in the preparatory phase. The initiative is being strengthened by new active participants, including Great Britain and Canada.
UNN reports with reference to Bloomberg.
Details
Great Britain and Canada will join the European Union's plan to use part of the Russian central bank's assets to support Ukraine. This refers to an amount of almost $300 billion. The corresponding funds are currently at the disposal of the Group of Seven (G7) countries. The plan provides for providing Ukraine with loans to purchase weapons and support its economy without direct confiscation of assets through a mechanism that will allow this to be avoided.
Next week, the EU intends to reach a political agreement on the use of these assets. But discussions and approvals still need to take place before the meeting in Brussels. Subsequently, if positive decisions are made, it is planned to start developing a mechanism for allocating funds. The deadline is the second quarter of 2026.
The Role of the United Kingdom and the EU
According to the latest data from the Ministry of Foreign Affairs for March 2025:
- UK sanctions have frozen over £25 billion ($33.3 billion) of Russian assets;
- The EU has about 200 billion euros ($232 billion)
However, the funding sent to Ukraine from immobilized Russian assets is currently limited to profits and accrued interest. Most of them are held through the Belgian clearing house Euroclear, which leads to reluctance from Belgium and other countries.
Great Britain is ready to coordinate actions with the EU regarding the plan to help Ukraine with funds related to the frozen assets of Russian banks.
We are ready to move towards the coordinated use of the value of immobilized Russian sovereign assets to support Ukraine's armed forces and thus bring Russia to negotiations. We aim to do this in close cooperation with the US. ..
Prime Minister of Great Britain
The E3 leaders stated in their statement their readiness to "develop further bold and innovative mechanisms to increase the cost of Russia's war and increase pressure."
Recall
Danish Prime Minister Mette Frederiksen supported the use of frozen Russian assets for Ukraine. She noted that Russia is waging a hybrid war against Europe, but it is impossible to protect against all its manifestations.