The UK and Canada plan to use frozen Russian assets

Kyiv May Receive $50 Billion from Frozen Russian Assets for Support

The United Kingdom and Canada have supported the EU’s plan to use frozen Russian assets to fund Ukraine. This will help Kyiv acquire over $50 billion for weapon purchases and economic support.

The European Union is close to reaching an agreement on providing Ukraine with a reparations loan using Russia’s frozen reserves. According to the UK Foreign Office, £33.5 billion worth of Russian assets are frozen in the UK, and approximately 19 billion Canadian dollars are held in Russia’s accounts in Canada. Overall, the plan is to allocate 140 billion euros to Ukraine, including partial disbursements from previous G7 decisions.

The EU’s defense industry is expected to be the primary source of weapons supply for Kyiv, although Ukraine will also be able to purchase weapons from the U.S. Ukrainian President Volodymyr Zelensky previously discussed the fair use of frozen Russian assets with European Central Bank President Christine Lagarde.

Belgium insists on securing guarantees with other EU countries to avoid direct asset confiscations in case of claims from Russia. The return of funds to Russia can only occur after reparations are paid to Ukraine.