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European Union

Britain and EU to Agree Deal on Frozen Russian Assets for Ukraine's Defence by Year-End

Strategic Insights

— 2 min read

Leaders of the coalition of willing countries agreed to finalize a deal to use frozen Russian assets for Ukraine's defense by the end of the year, with the EU working towards a Christmas deadline to unlock up to €140 billion for Ukraine's defense. The UK, which holds PS25 billion of frozen Russian money, and other G7 allies will coordinate with the EU to achieve this goal. British Prime Minister Sir Keir Starmer emphasized the need for allies to "finish the job" and condemned President Putin's demands for Ukrainian land as "a non-starter."

Key Takeaways:

  • The coalition of willing countries, including the UK, EU, and other G7 allies, aims to finalize a deal to use frozen Russian assets for Ukraine's defense by the end of the year.
  • The EU is working towards a Christmas deadline to unlock up to €140 billion for Ukraine's defense, with the UK holding PS25 billion of frozen Russian money.
  • British Prime Minister Sir Keir Starmer emphasized the need for allies to "finish the job" and condemned President Putin's demands for Ukrainian land as "a non-starter."
  • President Zelensky of Ukraine highlighted the importance of blocking Russian tactics, including targeting power infrastructure, and called for strong international support.
  • The talks follow an agreement to seize frozen Russian assets in the EU, which was derailed by concerns over reparations.
  • Belgian Prime Minister Mette Frederiksen emphasized the need for a solution on reparation loans for Ukraine before Christmas.
  • Further US action is crucial to support Kyiv, according to a leading article in a recent publication.

Statistics:

  • €140 billion: the amount of frozen Russian assets that the EU aims to unlock for Ukraine's defense by the end of the year.
  • PS25 billion: the amount of frozen Russian money held by the UK.
  • 30+: the number of countries that participated in the meeting of the coalition of willing countries.
  • Christmas Eve: the deadline for reaching a solution on reparation loans for Ukraine.

Sources:

  • "Britain and the European Union will agree a deal to use frozen Russian assets for Ukraine's defence by the end of the year, leaders said yesterday..."

(The Times)

  • "Met Fredrikson said the EU was working towards a Christmas deadline to unlock up to €140 billion for Ukraine's defence."

(BBC News)

  • "The UK is ready to move in tandem with the EU to drive this forward as fast as possible, to get those funds flowing to Ukraine."

(Prime Minister Starmer at a press conference)

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