London has ruled out the use of Russian assets after the EU rejected the idea.

The UK has ruled out the possibility of independently using frozen Russian assets to aid Ukraine after European Union countries abandoned a similar decision, the Financial Times reports.

"We won't move forward without international partners," a British government spokesman told the publication.

British Prime Minister Keir Starmer advocated the idea of ​​using Russian assets to aid Kyiv, a concept that had been discussed in Europe since early autumn. The scheme envisioned providing Ukraine with a "reparations" loan secured by Russian assets, with the funds to be repaid if and when Moscow paid Kyiv compensation. Britain intended to participate in the mechanism by using £8 billion (approximately $10.7 billion) of frozen Russian funds.

Within the EU, Belgium, where the majority of frozen Russian assets are held in the Euroclear depository, opposed the initiative. At the Brussels summit on December 18–19, European leaders ultimately decided to continue funding Kyiv through a different approach: an interest-free loan from the EU budget totaling €90 billion.

At the same time, the British government announced that it would work with partners to provide Ukraine with the necessary assistance; Chancellor of the Exchequer Rachel Reeves described its support for Kyiv as "unwavering."

While the EU was still discussing the "reparations" loan, the Russian Central Bank filed a lawsuit against Euroclear for 18 trillion rubles in the Moscow Arbitration COURT . The regulator explained that it was suffering losses from the depository's illegal actions and the EU's plans to use frozen assets. After Brussels rejected the scheme, Central Bank Governor ElviraNabiullina stated that the Bank of RUSSIA has no plans to withdraw the lawsuit yet. The European Union and the G7 are already using proceeds from frozen assets to finance Kyiv, and the Kremlin has also called this illegal.

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