British Foreign Secretary Ed Miliband is actively urging European Union countries to use approximately €210 billion in frozen Russian assets to finance Ukraine’s defence. Officials in London believe that the latest escalating row between Donald Trump and Volodymyr Zelenskyy provides an opportunity to persuade hesitant European leaders, particularly in Germany and France, to move forward.
Miliband is pressing his EU counterparts to agree to the use of funds held at the Belgian depository Euroclear. The bulk of these assets belongs to the Central Bank of Russia. Previous attempts to reach a pan-European agreement on confiscating or fully utilising the capital (rather than merely the interest and profits) have faced resistance, above all from Belgium, which fears legal and financial risks, including potential lawsuits from Moscow.
The United Kingdom itself holds around £25 billion in frozen Russian assets. The British government has stressed its readiness to act jointly with the EU and has repeatedly stated that “every wrong signal sent to Putin” undermines European security and harms Ukraine. Against the backdrop of deteriorating relations between Washington and Kyiv — including Trump’s criticism of Zelenskyy, suggestions that someone else should negotiate on Ukraine’s behalf, and the easing of pressure on Russia in certain areas — London sees a window of opportunity to convince wavering partners to take more decisive steps.
