March 4. 2024. 7:03

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UK key in freezing billions in Russian assets


The Russian Elites, Proxies and Oligarchs Taskforce (REPO) has worked to block or freeze over £48 billion in Russian assets with the help of the UK, which alone froze over €20 billion.

UK Security Minister Tom Tugendhat met with the REPO Task Force on Thursday, which includes Australia, Canada, France, Germany, Italy, Japan, the US and the EU Commission, set up to exert unprecedented pressure on sanctioned Russians.

“The UK continues to play a leading role in holding Russia to account for its unprovoked war of aggression against Ukraine,” said Tugendhat after the meeting.

The EU has been working towards using Russian assets to fund reconstruction efforts in Ukraine, with Commissioner Valdis Dombrovskis confirming progress had been made during the EU executive’s visit to Kyiv in February.

The UK is helping with political guidance, but the assistance coordination is led by a steering committee of the US, Ukraine, and the EU Commission.

The UK is also active in talks on reconstruction assistance to Ukraine.

While the country has yet to decide on financial commitments, it is focusing on establishing a long-term coordinated reconstruction plan and bringing relevant stakeholders on board, according to the House of Commons.

“Together, we stand united in defending global democracy and fighting against authoritarianism. There is more to come,” he added.

(Sofia Stuart Leeson | EURACTIV.com)