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26-02-2024
LONDON: Western nations should be bolder about confiscating Russian assets which they froze after the country’s full-scale invasion of Ukraine in 2022, British Prime Minister Rishi Sunak said.
Sunak, in an article in an early edition of the Sunday Times to mark two years since the start of the conflict, said Ukraine continued to need more long-range weapons, drones and munitions, as well as other assistance.
“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,” he said.
Last month British Investment Minister Dominic Johnson met US Deputy Treasury Secretary Wally Adeyemo to discuss the seizure of frozen Russian assets, but stressed this needed to be done in accordance with international law.
The European Union, US, Japan and Canada froze some $300 billion of Russian central bank assets in 2022 when Russia invaded Ukraine.
Group of Seven countries have been studying a possible seizure of the assets as a way to have Russia pay for the damage its invasion caused in Ukraine.
Sunak also urged the US to continue to provide financial and military support for 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 wrote in the article.
Britain’s defense ministry announced 245 million pounds ($311 million) of aid to fund Ukrainian artillery ammunition on Saturday.
Britain will spend 245 million pounds ($311 million) over the next year to boost Ukraine’s artillery ammunition reserves, the defence ministry said on Saturday – the two year anniversary of Russia’s invasion.
Ukraine faces acute ammunition shortages and is seeking more military assistance from Western countries as it battles to hold off Russia. The prospect of further military aid from the United States, its largest donor, hinges on a congressional vote.
“They cannot win this fight without the support of the international community and that’s why we continue to do what it takes to ensure Ukraine can continue to fight towards victory.” British defence minister Grant Shapps said in a statement.
Britain has pledged, opens new tab more than $8.8 billion (7 billion pounds) of military assistance to Ukraine since February 2022.
US president Joe Biden’s administration has so far provided $44 billion in security assistance to Ukraine and is currently awaiting congressional approval to secure $60 billion.
Germany, the second-largest provider of military assistance to Ukraine, says it has provided and committed to some 28 billion euros ($30.2 billion) of military aid so far.
The European Union, opens new tab has committed around 6 billion euros in military aid through the European Peace Facility.
Several individual Western countries have pledged military aid since February 2022, including Canada, opens new tab committing $2.4 billion. (Int’l News Desk)
