UK prime minister says West ‘must be bolder’ in seizing frozen Russian assets

UK Prime Minister Rishi Sunak called on the country’s allies to be “bolder” in efforts to seize Russian assets amidst the invasion of Ukraine in an op-ed in The Sunday Times.

Sunak called on the Group of Seven (G7) nations to find a “lawful way” to more aggressively seize frozen assets belonging to the Russian government and its richest citizens and pass the proceeds back to Ukraine to aid its defense.

“We must be bolder in hitting the Russian war economy … And we must be bolder in seizing the hundreds of billions of frozen Russian assets,” he said.

The prime minister visited Ukraine himself last month and reiterated his call for more Ukraine aid from Western allies. Aid has run into partisan opposition in the U.S., where Democrats insist on the funding while Republicans are split, with some being skeptical of the spending’s usefulness.

Sunday marks the two-year anniversary of the invasion of Ukraine, a protracted conflict that has killed tens of thousands and driven a wedge between the U.S. and Europe. The war is at a near standstill, with Russian and Ukrainian militaries bogged down in the country’s east with the winter weather.

G7 nations and other allies began freezing Russian assets shortly after the country’s invasion of Ukraine in 2022. The allies have gathered about $600 billion in assets and funds, though efforts to route the money to Ukraine have been met with legal hurdles.

In addition to questions over legality, some have also raised concerns over precedent and the future of the Ukrainian economy. Cornell University sanctions expert Nicholas Mulder told The Associated Press last month that the seizures could actually hurt the long-term health of Ukraine aid.

The European Union reached a tentative agreement to transfer its portion of the global funds, about $216 billion from the Russian central bank, to Ukraine late last month.

The Senate Foreign Relations Committee advanced legislation enabling the U.S. to freeze Russian assets for Ukraine late last month as well.

If signed into law, the legislation would mark the first time the U.S. has seized foreign assets of a country it is not at war with. Lawmakers said the Biden administration is supportive of the bill.

“Generally speaking, we are supportive of having domestic legislative authorities that will give us flexibility as we continue to discuss with partners and allies on how best to cease Russia’s aggression in Ukraine and ensure Russia pays for the damage it has caused,” a Biden administration official told The Hill last month.

The official continued, “We are also engaged in active conversations with our allies and partners, including the [Group of Seven], to ensure we are all coordinated in making Russia pay.”

At least $500,000 has already been transferred from the U.S. to Ukraine, with a first-of-its-kind transfer via Estonia announced last week.

Estonia is receiving the funds first, since “under current authorities, the facts of this case do not allow for a direct transfer to Ukraine,” the Department of Justice said.