British banks oppose transfer of frozen Russian assets to Ukraine

British banks have opposed the transfer of more than £8 billion (about $10.6 billion) of frozen Russian assets to Ukraine, warning of serious legal risks and possible lawsuits from Russia.

This is reported by the Financial Times, citing several high-ranking bankers.

According to the report, the British government has not offered banks any guarantees or compensation mechanisms in the event of legal pressure from Moscow. Bankers believe that using these assets to secure interest-free loans to Ukraine could set a dangerous precedent.

One adviser to a major credit institution said the risk lies in possible Russian lawsuits. If Ukraine fails to return the funds, he said, the banks could find themselves in a situation where they have to compensate for assets that the government considers theirs but Russia does not.

The publication also notes that information about which British banks hold Russian assets is classified. The financial institutions themselves refuse to disclose whether they are related to these funds.

It was previously reported that the European Union is considering the possibility of isolating the Belgian government for blocking an initiative to finance Ukraine with frozen Russian assets.

As a reminder, the Japanese government denied information spread by the media about the rejection of the European Union’s proposal to finance Ukraine with the help of Russian frozen assets.

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