The UK to Transfer Frozen Russian Assets to Ukraine

by Olha Povaliaieva
Monday, July 4, 2022
The UK to Transfer Frozen Russian Assets to Ukraine

Sanction funds will be transferred as reparations to individual Ukrainians affected by the war and for the restoration of Ukraine

On July 4, Liz Truss stated that she supported the Canadian concept of freezing Russian assets and transferring them to Ukraine. Today, the Liz Truss administration and the Treasury are studying the structure of the withdrawal and transfer. According to the minister herself, the matter is left to the details.

"I support this concept. We are looking at it very carefully. Canadians have actually just passed the law. This is an issue that we are working on together with the Department of the Interior and the Treasury, but I certainly agree with the concept. We just need to get it right details," Liz Truss.

Perhaps the decision to transfer assets will be announced today at a conference in Lugano. It is known that following the Economic crimes act, the UK has the right to impose sanctions on Russian assets for another 56 days. It is likely that during these days, the transfer details will be resolved, and the assets will be transferred to Ukraine for reparations.

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