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'Downpayment on reparations': UK MFA backs confiscation of Russian assets for Ukraine's benefit

'Downpayment on reparations': UK MFA backs confiscation of Russian assets for Ukraine's benefit David Cameron, Head of the UK's Ministry of Foreign Affairs (Photo: Getty Images)
Author: Daria Shekina

The Minister of Foreign Affairs of Britain, David Cameron, supports the idea of using Russian assets for the restoration of Ukraine. This will serve as an advance in the matter of reparations, according to the minister's statement.

The head of the British Foreign Ministry is currently in the United States, where he has a scheduled meeting with Secretary of State Antony Blinken.

"Instead of just freezing that money (Russian assets - Ed.), let's take that money, spend it on rebuilding Ukraine and that is, if you like, a downpayment on reparations that Russia will one day have to pay for the illegal invasion that they've undertaken," Cameron emphasized before the meeting.

The minister stated that he reviewed all arguments regarding asset confiscation and found nothing that persuaded him that it was a bad idea.

He also urged the United States to approve new financial aid to Ukraine after Republicans declined to support the relevant bill in the Senate.

"If the US votes through the Ukraine support package, it will give enormous fillip to European countries," Cameron noted.

Confiscation of Russian assets

Western countries, which are partners of Ukraine in the war against Russia, have been considering the confiscation of Russian assets for over a year.

Ukrainian officials have repeatedly called for such a step. Prime Minister Denys Shmyhal, in particular, stated that Russian money is needed for the recovery of our country.

According to Bloomberg, European Union countries could transfer around 200 billion euros of Russian assets to Ukraine. These assets have already been frozen, but developing an appropriate mechanism is required for their transfer.

Recently, it was revealed by the media that one possible mechanism could involve transferring profits from Russian assets to Ukraine. The European Commission is already planning to present a plan for the implementation of this initiative.