UK PM Rishi Sunak Urges West to Be Bolder About Confiscating Russia's Frozen Assets

By Jace Dela Cruz

Feb 25, 2024 10:44 PM EST

British Prime Minister Rishi Sunak has urged Western nations to adopt a more assertive stance in seizing Russia's assets that were frozen following the country's invasion of Ukraine. 

(Photo : Peter Byrne - WPA Pool/Getty Images)
CONWY, WALES - FEBRUARY 23: Prime Minister Rishi Sunak takes part in a media interview Deganwy, Conwy, during a visit to north Wales, on February 23, 2024 in Conwy, Wales.

UK Prime Minister Rishi Sunak Urges the West to be Bolder in Seizing Russia's Assets

According to Reuters, Rishi Sunak, in a Sunday Times article, emphasized the need for increased boldness in hitting Russia's war economy and urged for the confiscation of hundreds of billions of dollars in frozen Russian assets.

Sunak also stressed the ongoing necessity for Ukraine to receive further assistance, including long-range weapons, drones, munitions, and various forms of support amid the prolonged conflict.

Recently, British Investment Minister Dominic Johnson met US Deputy Treasury Secretary Wally Adeyemo to discuss the seizure of frozen Russian assets but underlined the importance of adhering to international legal frameworks in such an endeavor.

READ NEXT: Polymetal International Sells Its Russian Assets to Siberian Gold Miner for Nearly $3.7 Billion

Russia's Central Bank Assets

In response to Russia's invasion of Ukraine in 2022, the European Union, United States, Japan, and Canada collectively froze approximately $300 billion of Russian central bank assets. 

The Group of Seven (G7) nations have been exploring avenues for potentially seizing these assets to hold Russia accountable for the damage its invasion caused in Ukraine.

In the article, Rishi Sunak also asked the US to continue its financial and military support to Ukraine.

"We should never underestimate what America has done for Ukraine and for Euro-Atlantic security. I urge them to continue that support, and I am confident they will," Sunak noted.

On Saturday, the UK's Ministry of Defence announced 245 million pounds ($311 million) of aid to fund Ukraine's artillery ammunition.

READ MORE: EU Takes First Step to Use Frozen Assets of Russia to Rebuild Ukraine

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