'Fraudulent scheme': Putin's govt slams UK's planned transfer of frozen assets to Ukraine

The Russian Embassy in London on Saturday (December 21) condemned Britain’s plan to transfer over £2 billion ($2.5 billion) to Ukraine using proceeds from frozen Russian assets, calling it a “fraudulent scheme.”

“We are closely following UK authorities’ efforts aimed at implementing a fraudulent scheme of expropriating incomes from Russian state assets ‘frozen’ in the EU,” the Russian Embassy said on social media.

The Russian Embassy in London accused Britain of disguising an illegitimate action through “elaborate legislative choreography.”

British Defence Minister John Healey said the funds would be dedicated to Ukraine’s military, including the development of advanced drones with capabilities comparable to long-range missiles.

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Timeline of funding provisions for Ukraine

In June 2023, the UK introduced legislation enabling sanctions on Russia to remain in place until compensation is paid to Ukraine. This legislation also established a mechanism for sanctioned individuals to donate frozen funds for Ukrainian reconstruction.

The loans were finalised in July this year by leaders of the G7 nations — Britain, Canada, France, Germany, Italy, Japan, and the United States — alongside European Union officials. The majority of the frozen Russian assets are held within the EU.

In October, Britain announced it would give Ukraine £2.26 billion as part of a broader Group of Seven (G7) initiative to loan $50 billion to Kyiv, funded by the interest accrued on Russian central bank assets frozen due to the war in Ukraine.

‘Simply robbery’: Russia seethes at fund transfer

The United States contributed $20 billion to this initiative, with the remaining funds coming from the European Union, the United Kingdom, Canada, and Japan.

The funds are intended to support Kyiv’s military needs and the rebuilding of damaged infrastructure.

Russia’s Foreign Ministry has criticised the G7’s approach, calling a recent US transfer of its share of $50 billion in loans to Ukraine “simply robbery.”

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With inputs from agencies