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21 Sept 2025
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21 Sept 2025
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Rachel Reeves will announce plans to explore using frozen Russian assets to fund a “reparations loan” that could provide billions of pounds for Ukraine’s war effort.
The Chancellor is expected to make the announcement at a meeting with her European counterparts in Copenhagen on Saturday, saying it is “right to explore all options to support Ukraine”.
It comes after European Commission president Ursula von der Leyen last week suggested providing a loan to Ukraine backed by the “cash balances” associated with Russian assets frozen by the EU.
She did not provide details of how it would work, but the move would allow the EU to use Russian assets to fund Ukraine without immediately confiscating them, which several countries fear would breach international law.
Treasury officials also declined to discuss the mechanisms the UK would consider, but said they would be developed alongside the EU and comply with international law.
The Chancellor said: “While Russia has no respect for international law, the UK does.
“We will only consider options in line with international law and that are economically and financially responsible.”
In March, the UK announced it would provide a £2.26 billion loan to Ukraine based on profits generated by frozen Russian assets.
But the Government has been urged to go further, with the Liberal Democrats calling for ministers to seize the assets outright and use them to support Ukraine.
The Treasury said a “reparations loan” could see billions of pounds made available for Ukraine without touching the underlying assets.
Ms Reeves said: “This is Russia’s war, and Russia should pay. It is right to explore all options to support Ukraine.
“Defending against Russian aggression is vital not just to the long-term security and prosperity of Ukraine, but to the UK and the whole of Europe.”
Since the outbreak of war, the UK has committed up to £21.8 billion for Ukraine, just less than the £25 billion of Russian assets the Government has frozen.
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