• Wednesday, February 28, 2024

UK News

Sunak urges West to ‘be bolder’ in seizing frozen Russian assets

Prime Minister Rishi Sunak during a joint press conference with US President Joe Biden (not seen) in the East Room at the White House on June 8, 2023, in Washington, DC. Sunak is on his first visit to the United States since taking office and the two leaders are discussing the Russia-Ukraine war and strengthening their economic partnership. (Photo by Niall Carson – Pool/Getty Images)

By: Kimberly Rodrigues

Prime minister Rishi Sunak said that Western nations should take a more assertive stance on confiscating Russian assets, which were frozen following the country’s full-scale invasion of Ukraine in 2022.

Sunak, in an article in an early edition of the Sunday Times to mark two years since the start of the conflict, said Ukraine continued to need more long-range weapons, drones and munitions, as well as other assistance.

“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,” he said.

Last month British Investment Minister Dominic Johnson met US Deputy Treasury Secretary Wally Adeyemo to discuss the seizure of frozen Russian assets, but stressed this needed to be done in accordance with international law.

The European Union, U.S., Japan, and Canada froze some $300 billion of Russian central bank assets in 2022 when Russia invaded Ukraine.

Group of Seven countries have been studying a possible seizure of the assets as a way to have Russia pay for the damage its invasion caused in Ukraine.

Sunak also urged the US to continue to provide financial and military support for Ukraine.

“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,” he wrote in the article.

Britain’s defence ministry announced 245 million pounds ($311 million) of aid to fund Ukrainian artillery ammunition on Saturday (24).


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