The UK government has decided not to use about 8 billion of frozen russian assets held in British banks to help Ukraine after EU leaders failed to agree on a reparations loan using these funds.
It was reported by the portal of the influential Financial Times.
According to the newspaper, officials said that Britain would not use frozen russian assets to help Kyiv unilaterally, as it was planned that the country would do so only in cooperation with Australia, Canada and the EU.
"We won't move without international partners," the government spokesman said, adding that the UK would "continue to work closely with the G7 and the EU on funding for Ukraine."
For her part, UK Chancellor of the Exchequer Rachel Jane Reeves assured that the country would work with partners "immediately" to provide Kyiv with the necessary funding. She added that support for Ukraine remains "unwavering."
On December 18, the EU leaders' summit approved the provision of financial support to Ukraine in the amount of EUR 90 billion in 2026-2027. Ukraine will receive an interest-free loan secured by the EU budget. This means that EU leaders failed to agree on a reparations loan using frozen russian assets.
The President of the European Commission Ursula von der Leyen explained that Ukraine's financing over the next two years will be provided by the EU borrowing on the capital markets. According to her, Ukraine should repay the EUR 90 billion debt only after russia pays reparations. Until then, russian assets in Europe will remain frozen.
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