UK is optimistic on Ukraine financing deal using frozen Russian assets

Prime Minister of the United Kingdom Keir Starmer believes that an agreement to provide Ukraine with financial assistance using Russia’s frozen assets could be approved soon despite existing obstacles, The Times reported.

On Monday, December 8, Starmer hosted President Volodymyr Zelenskyy and the leaders of France and Germany to discuss the latest U.S. peace proposals and European efforts to unlock Russian state assets frozen in European bank accounts. According to the report, these funds could be used to support Ukraine’s defense and to finance reconstruction under a future peace agreement.

After the meeting, senior government sources in the UK expressed optimism and suggested that a deal could be finalized this week or next. Of the total amount involved — The Times cites £100 billion (around €115 billion) — approximately £8 billion is held in UK bank accounts.

These assets, frozen since the beginning of Russia’s full-scale invasion, are seen as one of Europe’s few leverage tools in peace talks to prevent Washington from imposing terms unfavorable to Ukraine.

A UK government spokesperson said: "We hope to have a deal in place in the next week or so."

A Downing Street spokesperson added that the four leaders "discussed the positive progress made in using frozen Russian sovereign assets to support Ukraine’s reconstruction."

• december 5, Merz and the President of the European Commission Ursula von der Leyen failed to convince belgian Prime Minister Bart de Vever to allow Ukraine to receive a reparations loan using Russian assets frozen in Belgium.
• The financing of the state budget for 2026 depends on this money.
• The United States and Japan refused from participating in the EU's proposed financing scheme for Ukraine.