The U.K. and the European Union will discuss confiscating Russian assets to ramp up economic pressure on Moscow ahead of possible peace talks on Ukraine, Bloomberg has reported, citing unnamed sources.
Negotiations will reportedly focus on establishing the legal and financial framework to seize Russian assets despite opposition from some EU member states, particularly Belgium and Germany.
Western nations froze roughly $300 billion in Russian assets after Russia launched its full-scale invasion of Ukraine in February 2022, with roughly two-thirds held in Europe.
British Foreign Secretary David Lammy and EU diplomacy chief Kaja Kallas are expected to discuss the issue during their meeting on March 18, according to Bloomberg.
The talks will also cover the EU’s proposal to invest 150 billion euros ($163 billion) of EU loans in armaments for third countries, including the U.K., Norway, and Switzerland.
While Ukraine has received loans backed by the interest earned from these assets, Kyiv has repeatedly called for full confiscation to fund its defense and reconstruction.
In October 2024, the Group of Seven (G7) agreed to provide Ukraine with nearly $50 billion in loans backed by the revenue generated from frozen Russian assets.
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