UK to use Russian assets to fund Ukraine war effort
Rachel Reeves is set to announce plans for the UK to explore providing a ‘reparations loan’ to Ukraine backed by frozen Russian assets (Toby Melville/PA) (PA Archive)
Rachel Reeves, the UK Chancellor, will announce plans to explore using frozen Russian assets to fund Ukraine's war effort.
This initiative follows Russia's recent incursion into Estonian airspace, where three MiG-31 fighter jets remained without permission for 12 minutes, causing global outrage.
The European Commission president, Ursula von der Leyen, has previously suggested a loan to Ukraine backed by "cash balances" from frozen Russian assets, aiming to avoid outright confiscation.
The UK has already committed a £2.26 billion loan to Ukraine, derived from profits generated by frozen Russian assets, with calls from figures like Ben Wallace and the Liberal Democrats to go further.
Ms Reeves affirmed that "Russia's war, and Russia should pay," highlighting the defence of Ukraine as vital for the long-term security of the UK and Europe.
