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UK PM Sunak says West should be bolder about seizing Russian assets

UK PM Sunak says West should be bolder about seizing Russian assets British Prime Minister Rishi Sunak (photo: Getty Images)

Western countries should take a bolder approach to confiscating Russian assets that they froze after Russia's full-scale invasion of Ukraine in 2022, states British Prime Minister Rishi Sunak.

"We must be bolder in hitting the Russian war economy .... And we must be bolder in seizing the hundreds of billions of frozen Russian assets," Sunak said.

He also emphasized that Ukraine still needs more long-range weaponry, drones, ammunition, and other military aid.

Additionally, the British Prime Minister called on the US to continue providing 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," he added.

Confiscation of Russian Federation assets

The US, the EU, and several G7 countries are considering how best to use frozen Russian assets to support Ukraine.

At the end of 2023, the US proposed that G7 countries confiscate $300 billion in frozen Russian assets for the benefit of Ukraine. The initiative was intended to be agreed upon by February 24, 2024.

However, according to a draft statement, G7 countries will reiterate that assets of the Russian central bank will remain frozen until Moscow agrees to compensate for the damages it inflicted on Ukraine. According to the World Bank, Ukraine's economic losses from the Russian invasion amount to $499 billion.

Later, the IMF stated that the confiscation of Russian assets should have a solid legal basis to avoid potential legal risks and consequences for the international monetary system.