LONDON: British Prime Minister Rishi Sunak has urged Western nations to take decisive steps in seizing hundreds of billions of dollars in frozen Russian assets and redirecting accumulated interest to support Ukraine. Sunak’s appeal, expressed in an article published in The Sunday Times newspaper, comes on the second anniversary of Moscow’s offensive in Ukraine.
Sunak emphasized the need for the West to escalate its sanctions against Russia, urging allies to go “further” in disrupting Russian President Vladimir Putin’s strategies and demonstrating resolve against his regime’s actions. Central to this approach, according to Sunak, is the aggressive pursuit of frozen Russian assets, with particular emphasis on redirecting interest earnings to Ukraine.
Western Support for Ukraine’s Reconstruction
Highlighting the importance of solidarity among Western nations, Sunak called for concerted efforts within the Group of Seven (G7) to explore legal avenues for seizing these assets and channeling the funds to support Ukraine’s reconstruction efforts. The prime minister’s remarks align with recent commitments made by G7 leaders, who pledged to explore all possible means of utilizing immobilized Russian assets to aid Ukraine, while ensuring compliance with legal frameworks and international law.
Ukraine, alongside international organizations such as the World Bank, European Union, and United Nations, has estimated the need for nearly half a trillion dollars to cover the extensive damages inflicted by Russia’s offensive.
Ukraine’s Prime Minister Denys Shmygal has advocated for unlocking approximately $300 billion of frozen Russian assets to support the reconstruction of vital infrastructure and facilities ravaged by the conflict.
