The issue of transferring frozen Russian assets to Ukraine will be resolved in the coming days
According to information from the British publication The Times, an agreement on unfreezing Russian funds in Europe, totaling approximately 127 billion dollars, is expected to be concluded this week or next. This package includes both 10 billion dollars held directly in British banks and the main portion of assets blocked in EU countries. These funds are set to become Kyiv's decisive argument at the "critical stage" of negotiations.
From left to right: German Chancellor Friedrich Merz, British Prime Minister Keir Starmer, Ukrainian President Volodymyr Zelenskyy, and French President Emmanuel Macron during a meeting on Downing Street in London on Monday, December 8, 2025. Photo: Tolga Akmen / EPA / Bloomberg via Getty Images
As reported by The Times, citing sources in the British government, the main topic of Ukrainian President Volodymyr Zelenskyy's meeting in London with British Prime Minister Keir Starmer, as well as the leaders of France and Germany, was efforts to unfreeze Russian assets in Europe.
The discussion concerns approximately 100 billion British pounds (about 127 billion dollars) blocked in European bank accounts. These funds are planned to be directed either towards financing Ukraine's ongoing military actions or for the post-war reconstruction of the country in the event of a peace agreement.
After the negotiations concluded, Keir Starmer stated that an agreement on the release of these assets is only a matter of days away. In his opinion, negotiations to end the war have reached a "critical stage," and the financial issue plays a key role here.
Sources in the UK government express optimism that a deal is imminent and will be officially announced this week or next. The overall package also includes approximately 8 billion pounds (about 10 billion dollars) held directly in British banks.
This funding is seen as a critically important leverage for Europeans and Ukraine in the peace negotiations led by US President Donald Trump. Access to such funds would provide a real source of financing for the Ukrainian army for another two years. This would significantly increase pressure on Moscow at a time when European leaders are concerned that Vladimir Putin is starting to gain the initiative.
The publication notes that these funds are "one of the few cards" left for Europeans to prevent Washington from imposing any agreement on Ukraine.
According to the European Commission's proposal, Russian central bank assets, frozen since 2022, should be used to finance a loan to Ukraine, which would be repaid after Russia compensates it for war damages.
The proposal for using Russian assets requires not the consent of all 27 EU countries, but a qualified majority, formed by 15 member states representing 65% of the EU population.
Until now, the conclusion of the agreement has been constrained by the position of Belgium, where the overwhelming majority of Russia's European assets are held. Brussels opposed the direct transfer of money due to concerns about legal liability: in case of losing in court, the country would have to compensate an amount equal to a third of its GDP. However, a British official has now told The Times: "We are hopeful that a deal will be concluded within the next week or so."
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