The Russian embassy in London has condemned the United Kingdom’s planned transfer of over 2 billion pounds ($2.5 billion) to Ukraine, which is supported by frozen Russian assets, as a “fraudulent scheme”. The UK government announced in October its intention to provide Ukraine with a loan of 2.26 billion pounds, as part of a larger financial package from the Group of Seven (G7) nations. This loan is backed by frozen Russian central bank assets and is intended to assist Ukraine in purchasing weaponry and reconstructing vital infrastructure that has been damaged.
The decision to extend these loans was made in July by the leaders of the G7 countries, including the UK, Canada, France, Germany, Italy, Japan, and the U.S., as well as senior officials from the European Union. The majority of the frozen Russian assets are held within the EU, resulting from the ongoing conflict in the region.
In response to the UK’s actions, the Russian embassy in London took to social media to express its concerns, stating, “We are closely monitoring the efforts of UK authorities to carry out a deceptive plan aimed at seizing revenue derived from Russian state assets ‘frozen’ in the EU.” British Defence Minister John Healey clarified that the allocated funds would be exclusively designated for Ukraine’s military capabilities and could potentially be utilized for the development of drones with capabilities surpassing certain long-range missiles.
The embassy further criticized the financial arrangement, asserting, “The complex legal maneuvers fail to mask the illicit nature of this agreement.” The Russian Foreign Ministry previously characterized the U.S.’ transfer of its portion of the G7’s $50 billion loan package to Ukraine as “tantamount to theft.”
The current exchange rate stands at $1 equaling 0.7956 pounds.
