UK’s Sunak backs ‘bolder’ action on frozen Russian assets

UK’s Sunak backs ‘bolder’ action on frozen Russian assets
UK’s Sunak backs ‘bolder’ action on frozen Russian assets

Hello and welcome to the details of UK’s Sunak backs ‘bolder’ action on frozen Russian assets and now with the details

Nevin Al Sukari - Sana'a - On the second anniversary of Moscow’s invasion, the UK leader said Western allies must go ‘further’ with their sanctions on Russia. — Reuters pool pic

LONDON, Feb 25 — British Prime Minister Rishi Sunak urged the West today to be “bolder” in seizing Russian assets and to send interest already accrued on frozen funds to Ukraine.

On the second anniversary of Moscow’s invasion, the UK leader said Western allies must go “further” with their sanctions to “shake” Russian President Vladimir Putin’s belief “that he can simply wait us out”.

“We must be bolder in seizing the hundreds of billions of frozen Russian assets,” Sunak said in an article in The Sunday Times newspaper.

“That starts with taking the billions in interest these assets are collecting and sending it to Ukraine instead.

Advertisement

“And then, with the G7, we must find lawful ways to seize the assets themselves and get those funds to Ukraine too.”

The prime minister’s comments follow G7 leaders pledging Saturday to explore “all possible avenues by which immobilised Russian sovereign assets could be made use of to support Ukraine”.

The G7 nations’ leaders noted in a statement that any actions must be “consistent with our respective legal systems and international law”.

Advertisement

The grouping of advanced economies confirmed Russia’s already seized sovereign assets will remain frozen “until Russia pays for the damage it caused to Ukraine”.

The Western collective also welcomed the European Union last month reaching an initial agreement on a first step towards tapping profits from those funds to help pay for Ukraine’s reconstruction.

“We... encourage further steps to enable their use, consistent with applicable contractual obligations and in accordance with applicable laws,” the G7 leaders said.

Ukraine needs almost half a trillion dollars to cover the reconstruction costs of Russia’s invasion, the World Bank, European Union, United Nations and the Ukrainian government said in a joint report earlier this month.

Ukraine’s Prime Minister Denys Shmygal has said that the confiscated Russian assets should foot most of the bill.

Kyiv wants the West to unlock around US$300 billion (RM1.4 trillion) of frozen Russian assets to fund the rebuild of its cities, roads, bridges and energy facilities destroyed or damaged by Russia’s two-year assault.

Britain has been increasingly vocal in backing its stance, with Foreign Secretary David Cameron insisting at the World Economic Forum last month that there are legal, moral and political justifications for such action.

“We should be prepared to do some innovative thinking about how we use these resources to help Ukraine,” he said in reported comments. — AFP

These were the details of the news UK’s Sunak backs ‘bolder’ action on frozen Russian assets for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Sri Lanka’s Muslims host interfaith iftar to ‘build bridges’ between communities
NEXT Barrage of Russian attacks aims to cut Ukraine's lights

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]