Britain Sets Conditions for Releasing Russian Assets

The British government announced on Monday that it intends to intensify its sanctions against Russia, including passing legislation to keep Russian assets frozen until Moscow agrees to pay reparations to Ukraine. This new measure requires anyone under sanctions to disclose their assets in Britain. Britain also stated that there will be a new pathway for blocked assets to be donated to Ukraine for reconstruction, but this will not lead to the lifting of sanctions on these individuals. This decision was announced as Britain prepares to host a conference on Ukraine's reconstruction this week, focusing on international support for rebuilding Ukraine and how the private sector can participate in this reconstruction. Since the invasion of Ukraine last year, Britain has frozen over $23 billion in assets belonging to more than 1,500 Russian individuals, including Roman Abramovich, the former owner of Chelsea Football Club. James Cleverly, the British Foreign Secretary, stated that the needs for Ukraine's reconstruction will be 'very high' and that the new measures 'ensure that Russia pays for the reconstruction of the country it recklessly attacked.' According to estimates from the World Bank, the United Nations, the European Commission, and Ukraine, the estimated cost of reconstruction in Ukraine is now over $400 billion. The British government said that details on how to distribute any donated funds from sanctioned individuals for Ukraine's reconstruction will be announced by a fund in the future.