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UK, EU to discuss confiscating Russian assets ahead of Ukraine peace talks, Bloomberg reports

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UK, EU to discuss confiscating Russian assets ahead of Ukraine peace talks, Bloomberg reports
The Ukrainian, the EU and other EU countries' flags in front of the European Parliament on July 28, 2023 in Brussels, Belgium. (Thierry Monasse/Getty Images)

The U.K. and the European Union will discuss confiscating Russian assets to ramp up economic pressure on Moscow ahead of possible peace talks on Ukraine, Bloomberg reported on March 17, citing unnamed sources.

Negotiations will reportedly focus on establishing the legal and financial framework to seize Russian assets despite opposition from some EU member states, particularly Belgium and Germany.

Western nations froze roughly $300 billion in Russian assets after Russia launched its full-scale invasion of Ukraine in February 2022, with roughly two-thirds held in Europe.

British Foreign Secretary David Lammy and EU diplomacy chief Kaja Kallas are expected to discuss the issue during their meeting on March 18, according to Bloomberg.

The talks will also cover the EU's proposal to invest 150 billion euros ($163 billion) of EU loans in armaments for third countries, including the U.K., Norway, and Switzerland.

While Ukraine has received loans backed by the interest earned from these assets, Kyiv has repeatedly called for full confiscation to fund its defense and reconstruction.

In October 2024, the Group of Seven (G7) agreed to provide Ukraine with nearly $50 billion in loans backed by the revenue generated from frozen Russian assets.

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Tim Zadorozhnyy

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Tim Zadorozhnyy is the reporter for the Kyiv Independent, specializing in foreign policy, U.S.-Ukraine relations, and political developments across Europe and Russia. Based in Warsaw, he is pursuing studies in International Relations and the European Studies program at Lazarski University, offered in partnership with Coventry University. Tim began his career at a local television channel in Odesa in 2022. After relocating to Warsaw, he spent a year and a half with the Belarusian independent media outlet NEXTA, initially as a news anchor and later as managing editor. Tim is fluent in English, Ukrainian, and Russian.

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