Britain has signalled its readiness to shoulder the financial risks alongside European partners in a high-stakes plan to use frozen Russian state assets to fund Ukraine's war effort. The move from Downing Street came on Thursday as European leaders gathered in Brussels for a critical summit to debate the controversial proposal.
Belgium's Parachute and the Burden-Sharing Demand
The development follows a firm stance from Belgium, where the majority of the £185 billion in immobilised Russian assets are held within the Euroclear bank. Belgian Prime Minister Bart De Wever has insisted his country will only back a substantial loan for Kyiv if other European nations agree to share the potential burden of any Russian retaliation.
"Give me a parachute and we'll all jump together," Mr De Wever told the Belgian parliament, framing the risk-sharing as a collective act of security. "If we have confidence in the parachute that shouldn't be a problem."
Starmer's Government Backs Using Assets to Signal Resolve to Putin
In response, Sir Keir Starmer's official spokesman indicated the UK's willingness to participate in such a risk-sharing arrangement. When pressed on whether Britain would accept Belgium's request, the spokesman stated the government's position was evident in its actions.
"We believe that delivering these funds sends a very clear signal to Putin that he cannot outlast the support of the UK and our allies," the spokesman told reporters. He emphasised the government's focus on seeing the immobilised assets used directly to support Ukraine, both militarily and economically.
European Unity and Ukraine's Urgent Plea
The EU summit discussions are driven by a dual imperative: viewing Russia's war as a direct threat to European security and demonstrating collective strength. This show of resolve follows recent comments from US President Donald Trump labelling European nations as "weak."
Polish Prime Minister Donald Tusk underscored the urgency with a stark warning to fellow leaders. "Now we have a simple choice – either money today or blood tomorrow," he declared. "And I am not talking about Ukraine only, I am talking about Europe. All European leaders have to finally rise to this occasion."
Ukrainian President Volodymyr Zelensky, addressing the summit, pleaded for a swift decision, stating the funds were needed to plug his country's budget gap. He warned that without the loan, Ukraine would be left with far fewer drones than Russia and unable to sustain its long-range strikes on Russian energy infrastructure. He demanded a final decision by the end of this year.
The diplomatic manoeuvring in Europe coincides with reports that a Kremlin envoy, Kirill Dmitriev of Russia's sovereign wealth fund, will travel to Florida for talks with Donald Trump's associates, including Jared Kushner, about a US-proposed plan to end the conflict.
