The leaders of the United Kingdom, Germany and France agreed during a telephone conversation to jointly promote initiatives to use frozen russian assets in favor of Ukraine.
According to Reuters, the British government reported this following the conversation.
European leaders condemned russia's escalation and recent strikes on Ukraine's critical infrastructure, and pledged to increase pressure on moscow.
"We are ready to progress towards using, in a coordinated way, the value of the immobilised Russian sovereign assets to support Ukraine’s armed forces and thus bring Russia to the negotiation table," read the statement by Britain's Prime Minister Keir Starmer, France's President Emmanuel Macron and Germany's Chancellor Friedrich Merz.
The leaders added that they are committed to working on the use of russian assets "in close cooperation with the United States of America."
"We agree to develop further bold and innovative mechanisms to increase the cost of Russia's war and ramp up pressure. This includes driving forward action on the Russian shadow fleet," the British, German and French leaders added.
The idea behind a loan using russian frozen assets - or a "reparations loan" - is that Ukraine would start repaying the loan only after russia ends the war and pays post-war reparations.
German Chancellor Friedrich Merz said he expects a decision on the use of frozen russian assets for further aid to Ukraine this month.
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