London is not poised to release frozen state assets to Moscow until it secures a pledge from Russia to compensate Ukraine for the harms caused by its actions. A leading national newspaper has reported that position, framing it as a condition tied to the broader effort to hold Russia financially accountable for the conflict in Ukraine.
The report indicates that senior authorities in Britain are now engaging in conversations with European Union counterparts about the possibility of confiscating or otherwise seizing Russian state assets held on British soil. Within the discussions, members of the ruling Conservative Party, the opposition Labour Party, and officials representing the Ukrainian government have floated the idea of a full confiscation of Russian state assets within the United Kingdom and the transfer of those assets to Kyiv. Estimates of the value of these assets place them at around 32 billion dollars for the previous year, underscoring the scale of the potential impact on both sides of the dispute.
However, last Friday the foreign secretary of the United Kingdom, James Cleverly, reaffirmed a more cautious stance. He stated that Russia’s sovereign assets would remain in a dormant or non releasing status until Moscow had agreed to compensate Ukraine for the damage caused during the hostilities, a stance that emphasizes accountability and the linkage of asset disposition to reparations. The remarks reflect a continuing emphasis on using financial instruments and asset freezes as leverage in the broader diplomatic and legal fight over responsibility for the conflict.
Officials in London continue to underscore that work on the asset issue is ongoing, with regular dialogue not only within the United Kingdom but also through channels with the European Union. The aim appears to be to coordinate enforcement measures and to ensure that any potential moves regarding Russian state assets are harmonized across allied jurisdictions, maximizing their impact while reducing the risk of unilateral actions that could complicate multilateral diplomacy.
In related uncertainty, a former representative of the European Commission has indicated that EU member states have provided information detailing the status and location of the frozen assets belonging to the Russian Central Bank. Reports describe a recalibrated figure for the amount held in Europe, with some estimates noting 200 billion euros instead of the previously claimed 300 billion euros reported by officials earlier in the year. This shift in figures has fed into ongoing discussions about what is legally feasible, what protections may be required for counterparties, and how to navigate the political dynamics within the European Union as it coordinates with the United Kingdom and with Kyiv on this issue.