UK plans to transfer all frozen Kremlin assets to Ukraine: what was proposed in the Parliament

British parliamentarians are calling on the government to transfer to Ukraine all of Russia's frozen assets worth about $300 billion, of which 25.5 billion pounds are kept in the UK. They propose to find legal mechanisms for the legal transfer of these funds.

According to an open letter to the Times, this step should not only financially support Ukraine in the war, but also send a powerful signal to Moscow and other potential aggressors.

The British politicians argue that the use of Russia's frozen assets is necessary, as Western loans and emergency funding are not able to fully solve the problem of financing Ukraine's military and humanitarian needs. The letter emphasizes that the current aid "keeps Western taxpayers on the hook," and therefore only the use of the aggressor's assets will ensure that Russia pays for its crimes.

According to Dr. Mike Martin, a Liberal MP and former army officer, the issue of asset forfeiture is not only of moral and strategic importance but also of legal significance. "There is an undeniable moral, strategic, and legal argument in favor of using Russian state assets to support Ukraine. This has never been more relevant than now, when the future US administration may reconsider the amount of aid to Ukraine," he said.

However, government officials admit that the idea will face legal difficulties. The transfer of assets to another state is an unprecedented situation that could cause international disputes and lengthy litigation. Nevertheless, British MPs emphasize the need to find legal mechanisms that will allow a significant part of Russia's assets to be transferred to support Ukraine.

According to politicians, the first step could be to use $50 billion in interest from frozen assets. These funds could provide funding for Ukraine in the short term, but experts believe that even this would be enough for only a year. If the assets are thawed without being transferred to Ukraine, then, according to parliamentarians, the loan will have to be repaid to the taxpayers of the G7 countries.

Currently, the UK has at least 25.5 billion pounds of frozen Russian assets on its books. All in all, about $300 billion of the Central Bank of Russia's reserves have been frozen worldwide.

As OBOZ.UA reported earlier, the Biden administration is preparing a large package of sanctions against tankers transporting Russian oil at prices above the established limit ($60 per barrel). The main goal is to reduce Russia's oil revenues and increase support for Ukraine.

Only verified information is available on the OBOZ.UA Telegram channel and Viber. Do not fall for fakes!