Published by Global Banking & Finance Review®
Posted on October 23, 2025
3 min readLast updated: January 21, 2026
Add as preferred source on GoogleEuropean allies push for the swift use of frozen Russian assets to support Ukraine, with discussions in London aiming to increase pressure on Putin.
By Alistair Smout and William James
LONDON (Reuters) -Ukraine's European allies said frozen Russian assets needed to be used quickly to fund support for Kyiv, one of several measures discussed in London talks on Friday to increase the pressure on Vladimir Putin.
British Prime Minister Keir Starmer hosted "Coalition of the Willing" talks in London with President Volodymyr Zelenskiy and other leaders, discussing a range of efforts including taking Russian oil and gas off the global market and giving Kyiv more long-range missiles.
NATO chief Mark Rutte said U.S. President Donald Trump was still reviewing whether to send Tomahawk missiles to Ukraine. Dutch Prime Minister Dick Schoof said the European Union should follow British and U.S. sanctions on Russian oil firms.
And Starmer said on Friday there was "absolute clarity" during the meeting that progress on using frozen Russian assets to fund a loan to support Ukraine must be realised quickly.
EU LEADERS FAILED TO ENDORSE PLAN ON FROZEN ASSETS
European Union leaders on Thursday stopped short of endorsing a plan to use frozen Russian assets to fund a giant loan to Kyiv, over concerns raised by Belgium, where hundreds of billions of dollars in Russian reserves are held.
Zelenskiy had asked the EU leaders in Brussels on Thursday for long-range missiles and to use the frozen assets to provide it with more weapons.
Danish Prime Minister Mette Frederiksen said a solution on how to use the Russian assets must be found before Christmas.
"We have to work in a way that we have a solution before Christmas Eve so we are able to ensure that we can finance Ukraine for the next years," she told reporters. "I am sure that we will be able to do that."
Starmer welcomed the EU's latest sanctions package against Russia, but said there was absolute clarity in the meeting that progress on using frozen assets needed to "come to fruition within a short timetable".
RUSSIA WARNS OF PAINFUL RESPONSE
Zelenskiy welcomed Trump's decision this week to impose sanctions on Russia's two biggest oil companies, a dramatic U-turn after last week announcing plans for a summit with Putin.
But Trump has said he is still not ready to provide Ukraine with long-range Tomahawk missiles. Rutte said he had discussed the issue with Trump.
"On particularly the Tomahawks, of course, the president and I discussed that. The issue remains under review by the president and again, it's up to the U.S to decide," said Rutte.
Moscow has promised a "painful response" if the assets are seized. Putin also said the U.S. sanctions on oil companies were an unfriendly act but would not significantly affect the Russian economy.
Zelenskiy began his latest visit to Britain by meeting King Charles at Windsor Castle. The king has frequently expressed his support for Ukraine, notably hosting Zelenskiy at his private residence shortly after the Ukrainian leader held a stormy meeting with Trump in February.
(Reporting by Alistair Smout, Sam Tabahriti and William JamesEditing by Kevin Liffey, Peter Graff)
A frozen asset refers to funds or properties that are restricted from being accessed or transferred, often due to legal or regulatory actions.
An international financial institution is an organization that provides financial and technical assistance to countries for development projects, such as the World Bank or IMF.
Economic growth is the increase in the production of goods and services in an economy over a period of time, typically measured by GDP.
Investment portfolios are collections of financial assets such as stocks, bonds, and other securities held by an individual or institution.
Foreign currency refers to the money used in other countries, which can be exchanged for the local currency in international transactions.
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