Rishi Sunak will join a push to unlock billions of pounds of frozen Russian assets for Ukraine as he vowed to do “whatever it takes” to help Kyiv.
The Prime Minister was due to jet to the G7 summit in Italy in the early hours of the morning after taking part in a TV election clash with Keir Starmer in Grimsby. In what could be his last foray on the world stage as PM, Mr Sunak will join leaders including US President Joe Biden and France’s Emmanuel Macron at the summit for crunch talks on how to utilise $285billion of frozen Russian assets held in G7 countries to help Ukraine.
Funds left in Western institutions when Vladimir Putin first launched Russia ’s bloody assault in 2022 have been left in limbo while leaders try to hammer out a way to use the cash to help Kyiv. One plan on the table would use the massive profits generated from the frozen cash to back a $50billion loan to Ukraine, to shore up its finances next year.
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PA)
G7 leaders are racing against time to unlock the cash, but there are disagreements over whether the EU or the US should be on the hook for the loan. President Volodymr Zelensky, who is expected to attend the G7 summit, desperately needs funds to repel Russia and there is mounting uncertainty over the strength of American backing for Ukraine if Donald Trump wins the US Presidential election in November.
Mr Sunak will also announced £242million in immediate aid for Ukraine from Britain, to help with humanitarian needs as well as energy after a sustained Russian bombing campaign on critical infrastructure.
The Prime Minister said: “We must be decisive and creative in our efforts to support Ukraine and end Putin’s illegal war at this critical moment.
“The UK remains at the forefront of the international response as we have been from the outset. We must move from ‘as long as it takes’ to ‘whatever it takes’ if we are to end this illegal war.
“From Ukraine to the Middle East, we will be discussing significant global threats at the Summit. Such threats are why it is so vital to strengthen the UK’s national defence, through our commitment to spend 2.5% of GDP on defence by 2030.”