UK Prime Minister Rishi Sunak has voiced his support for the proposal to send billions of pounds in interest from frozen Russian assets to Ukraine. This announcement was made during the commemoration of the second anniversary of the Russian invasion of Ukraine.
What Happened: Sunak endorsed the idea of transferring the interest from frozen Russian assets to Ukraine. He also called for a more assertive approach in seizing the assets themselves, in an article for The Sunday Times.
Sunak described this move as a fitting tribute to the late Russian opposition leader Alexei Navalny, who died in mysterious circumstances in an Arctic penal colony this month. Sunak also urged the United States to continue supporting Ukraine, emphasizing the critical role of the country in maintaining global security.
He wrote, “We should never underestimate what America has done for Ukraine and for Euro-Atlantic security. I urge them to continue that support, and I am confident they will.”
Sunak further stressed the need for bolder military support for Ukraine, including the provision of long-range weapons, drones, and munitions. He also called for a more aggressive approach in targeting the Russian war economy and seizing the hundreds of billions of frozen Russian assets.
Despite the ongoing conflict, the UK has continued to show support for Ukraine. In January, Sunak met with Ukrainian President Volodymyr Zelenskyy and pledged billions in military aid.
"Because we know that if Putin wins in Ukraine, the very basis of the rules-based order will have been challenged to its core. That's why Putin's Russia continues to pose the greatest threat to global security we face today.”
"So we must be bolder with our military support — providing Ukraine with more long-range weapons, more drones, and more munitions. We must be bolder in hitting the Russian war economy … And we must be bolder in seizing the hundreds of billions of frozen Russian assets," Sunak wrote.
Why It Matters: This call by Sunak aligns with previous proposals to use frozen Russian assets to aid Ukraine. In January, a former World Bank president suggested transferring over $300 billion of Russian assets to Ukraine as a means of aiding the war-torn country.
This proposal, however, was met with a stern warning from Russia. The country cautioned that if the West seizes its frozen assets to support Ukraine, it will respond in kind, intensifying the standoff between Russia and the West.
Additionally, last year, the UK has been urging China to use its influence with Russia to end the war in Ukraine. The UK’s efforts to involve China in resolving the conflict underscore the complex geopolitical dynamics at play in the region.
Moreover, the West has been taking various measures to limit Russia’s economic activities, including disrupting its covert oil fleet. These actions, combined with the current proposal to seize frozen assets, reflect the ongoing efforts to curtail Russia’s influence and support Ukraine.
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