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British PM Urges West to Seize “Hundreds Of Billions Of Frozen Russian Assets” and Support Ukraine

British Prime Minister Rishi Sunak is advocating for Western nations to take a more assertive stance in seizing frozen Russian assets and redirecting the funds to support Ukraine’s defense efforts.

Sunak’s Call for Action

Credits: DepositPhotos

In a recent editorial, Sunak urged countries that sanctioned Russia over its invasion of Ukraine to be “bolder in seizing the hundreds of billions of frozen Russian assets.”

Challenges Ahead

Credit: DepositPhotos – VILNIUS, LITHUANIA. 12th July 2023. Heads of States and Heads of Governnments arrives for Social Dinner organised by Lithuanian President, during NATO SUMMIT 2023. — Photo by gints.ivuskans

However, Sunak’s call faces challenges, with international banks raising concerns about the legality and potential repercussions of seizing sanctioned Russian funds.

Desperation in Ukraine

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As the conflict enters its third year, Ukraine is increasingly in need of funding and weapons to resist Russian forces.

US House in Deadlock on Aid Package

Credits: Depositphotos – NEW YORK, USA – Sep 29, 2015: US Vice President Joe Biden during a meeting with President of Ukraine Petro Poroshenko in New York — Photo by palinchak

President Biden recently attributed the fall of Avdiivka to Congress’s inaction on $60 Bn aid package which failed to get approved amid a standoff with Republicans on border issues.

Symbolic Victory for Putin

Credits: DepositPhotos – President of Russian Federation Putin Vladimir on the conference — Photo by YAY_Images

The recent capture of Avdiivka just before the war’s two-year mark represents a symbolic win for President Putin, who aims to extend his rule in upcoming elections.

Impact of Sanctions

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Sweeping international sanctions imposed after Russia’s invasion in 2022 froze approximately $300 billion of Russian assets, sparking calls for more aggressive action to support Ukraine.

Diplomatic Discussions

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Foreign Secretary David Cameron is set to attend a meeting in Paris hosted by French President Emmanuel Macron to discuss support for Ukraine, with the topic of asset seizures likely to be on the agenda.

Long Road Ahead

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However, little progress is expected before a gathering of Group of Seven leaders in Italy in June, as discussions on lawful asset seizures continue.

Industry Concerns

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Finance industry insiders warn that political rhetoric must be translated into coordinated measures to ensure lawful asset seizures, with fears of damaging London’s reputation as a financial center.

Rule of Law Questions

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High-profile confiscations of assets risk raising questions about the rule of law and could have implications for London’s status as an international financial hub, caution bankers and lawyers.

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