UK prepared to share risk of using frozen Russian assets for Ukraine – No 10
Britain is prepared to share the risks with European allies of using frozen Russian assets to aid Ukraine, Downing Street has indicated.
It comes after Belgium on Thursday said it would only back a loan for Ukraine if it receives firm assurances that it will be shielded from any Russian retaliation.
At a crunch summit in Brussels, European leaders are mulling whether to use immobilised Russian money to underwrite a loan to fund Ukraine’s military and economic needs.
Most of the assets are held in the Euroclear bank based in Belgium, whose premier Bart De Wever has so far resisted using them to finance Kyiv.
He has called on other nations in the trading bloc to share the risk amid fears it would be left on the hook to pay back the loan if Moscow succeeded in thwarting the plan.
Prime Minister Sir Keir Starmer’s official spokesman was repeatedly asked if the Government was willing to accept Belgium’s requests to share the risk of unlocking frozen Russian assets for use in Ukraine.
He suggested the Government would, telling reporters: “I think it’s evident within the Government’s actions that what we want to see is those immobilised assets used to support Ukraine.
“We believe that delivering these funds sends a very clear signal to Putin that he cannot outlast the support of the UK and our allies, that is what we remain focused on.”
Earlier Mr De Wever told members of the Belgian parliament: “Give me a parachute and we’ll all jump together.
“If we have confidence in the parachute that shouldn’t be a problem.”
Meanwhile, defence minister Luke Pollard called on former Chelsea owner Roman Abramovich to “do the right thing” and allow the £2.5 billion from the sale of the west London Premier League football club to be used to help Ukraine.
Speaking in the Commons, Mr Pollard said: “We urge (Mr) Abramovich to honour the commitment that he made over three years ago, or face court action.”
Shadow defence minister Mark Francois pressed the Government on when the “long-awaited” defence investment plan (Dip) will be published.
Mr Pollard said Defence Secretary John Healey is “working flat out between now and the end of the year to finalise the Dip”.
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Why is this a loan not a grant. If a loan is repaid with interest, does that eventually enrich Russia who is responsible for the damage this is needed to fix?
Probably because Russia will cyber attack Belgium into the ground otherwise. Or worse.
If it’s not reparations then just loan money without the Russian connection.
Its a sleight of hand because they dont want to scare ‘The Financial Markets’.
Do it. Give them the money.
But be prepared.
Also don’t trust trump or farage, they are putins useful idiots.
Don’t get me wrong. I’m not against helping those in times of need. But isn’t it ironic. We have Keir Starmer and UK Labour committing £21.8 billion to Kiev in military and non military support as Wales suffers perpetual austerity, child poverty, third world infrastructure, and its ongoing devolution deficit. See figure breakdown taken directly from gov.uk website. 1: £13 billion in military support (including our £2.26 billion ERA Loan contribution). 2: up to £5.3 billion in non-military support (including bilateral assistance and fiscal guarantees). 3: £3.5 billion cover limit in export finance (via UK Export Finance for reconstruction and… Read more »
Strictly speaking Brittania was Germania’s first colony, although they didn’t get it all.