Deal to release ‘£100bn of Russian assets’ for Ukraine expected imminently
Downing Street believes a deal to release up to £100bn of frozen Russian assets in Europe to help Ukraine is just days away after Sir Keir Starmer and his allies held tough talks in London yesterday.
While the prime minister said talks on Ukraine’s future had reached a “critical stage”, European leaders agreed that pressure on Vladimir Putin must be increased.
Sir Keir met with French President Emmanuel Macron, Ukrainian President Volodymyr Zelensky and German Chancellor Friedrich Merz at 10 Downing Street on Monday, where Mr Zelensky warned that Kiev “cannot be governed” without European and American support.
This comes after British officials said they were hopeful a deal would be reached in the coming days that would unlock the value of dormant Russian sovereign assets.
Times It said the assets would be worth up to £100bn, including around £8bn held in UK bank accounts.
In the 10th issue of private talks between the leaders, it was stated that the leaders “discussed the importance of the US-led peace talks for European security and supported the progress made.”
“Leaders agreed that while diplomatic efforts continue, Europe must stand with Ukraine by strengthening its ability to defend against relentless attacks that have left thousands without heat and light,” a Downing Street spokesman said.
“They also discussed the positive progress made in using immobilized Russian sovereign assets to support the reconstruction of Ukraine.”
The Ukrainian President’s visit to London came as US President Donald Trump accused him of not reading the latest peace plan and Putin insisted there was “no problem with that”.
Following the talks, Sir Keir held a call with other European allies, during which the leaders agreed that “now is a critical moment and we must continue to increase our support for Ukraine and the economic pressure on Putin to put an end to this barbaric war,” No 10 said.
Sir Keir has previously said the UK was “ready” to move with the EU on the proposals, but Belgium has expressed concerns about using the assets to help Kiev with compensation, citing financial and legal risks.
Mr. Zelensky said Monday’s talks “were a detailed discussion of our joint diplomatic work with the American side, arranged a common position on the importance of security guarantees and reconstruction, and agreed on next steps.”
“We also had a separate discussion about greater defense support for Ukraine. I am grateful to the leaders for their willingness to stand with our people and help us move closer to peace,” he said in a post on social media.
Before the meeting started, Mr. Zelensky said that the issues discussed were “very important for the unity between Europe and Ukraine, as well as the unity between Europe and Ukraine and the United States.”
“We can’t do it without the Americans, we can’t do it without Europe, so we need to make some important decisions,” he said.
Mr Macron, meanwhile, said Ukraine’s allies had “a lot of cards”, pointing to equipment and arms financing to Ukraine, Ukrainian resistance and the economic impact of US and European sanctions on Russia as positive signs.
Sir Keir said any ceasefire in Ukraine must be “fair” and “permanent”, telling other leaders: “We are at a critical stage in the peace effort.
“The principles are the same: We stand with Ukraine, and if there is to be a ceasefire, it must be a fair and lasting ceasefire.”
Mr. Zelensky’s visit to London came after his officials wrapped up three days of talks with their U.S. counterparts on those proposals, at a time when the White House was pressuring Kiev to accept a deal.
Over the weekend, the Ukrainian leader said Mr. Trump had discussed “next steps” with his advisers and was “committed to continuing to work in good faith.”
But negotiators also acknowledged that any “real progress” would depend on “Russia’s readiness to make a serious commitment to long-term peace.”
Ukraine and its European allies will likely insist that any ceasefire must receive security guarantees from both the United States and a coalition of the willing brought together by Britain and France, while also resisting any territorial transfer to Russia.
While Sir Keir has repeatedly said Ukraine should be allowed to determine its own future, one of his senior ministers said on Sunday the country should not be left “toothless” in the face of Russian aggression.
However, Russia has repeatedly rejected the possibility of deploying allied troops in Ukraine and continues to demand large areas of Ukrainian territory in exchange for peace.
