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UK foreign secretary urges use of $350 bn frozen Russian assets for Ukraine’s reconstruction

President of Ukraine Volodymyr Zelenskyy during a meeting with David Cameron, the newly appointed Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom of Great Britain and Northern Ireland, on 16 November, 2023, in Kyiv. Source: president.gov.ua

UK Foreign Secretary David Cameron said there is a strong argument for seizing frozen Russian assets worth nearly $350 billion and using them to rebuild Ukraine, during a visit to the US.

The official explained that the funds could be used as a downpayment on reparations “Russia will one day have to pay for the illegal invasion that they’ve undertaken.”

The UK foreign secretary also urged US policymakers to approve a new package of military aid for Ukraine after Congress blocked a $110 billion package of wartime funding for Ukraine and Israel.

“We should pass this money to the Ukrainians,” he said.

“We should back them and make sure it’s Putin that loses because if that money doesn’t get voted through, there are only two people that will be smiling: one of them is Vladimir Putin in Russia and the other one is Xi Jinping in Beijing,” he said during his visit.

On 16 November, Ukrainian President Volodymyr Zelenskyy and David Cameron met in Kyiv to discuss an alternative “grain corridor,” the Euro-Atlantic integration of Ukraine, and the Ukrainian Peace Formula.

Zelenskyy, Cameron discuss military assistance, grain corridors in Kyiv

The foreign secretary assured the Ukrainian president that the UK would continue to stand with the Ukrainian people as they resist Putin’s illegal invasion.

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