Cameron and Trump: European leaders’ summit needed to seize frozen Russian assets

EMBARGO: Immediate Release

Following David Cameron’s visit to former US President Donald Trump overnight, Liberal Democrat Leader Ed Davey has called on Cameron to organise a European leaders’ summit on support for Ukraine, including through the seizure of frozen Russian assets.

Ed Davey also warned that a second Donald Trump presidency risks having a “devastating” effect on European security. 

It comes after David Cameron met with Donald Trump in a bid to unblock a package of US aid for Ukraine being held up by US Congress.

Ed Davey, Leader of the Liberal Democrats, commented: 

“If the US cannot, Europe must. 

“The West is divided. The spectre of a second Trump presidency has Putin rubbing his hands. We only have one option: to stand with our Ukrainian allies, as they seek to bravely resist Russia’s illegal invasion. 

“The UK must now show leadership and convene a summit of European leaders, to kick start seizing Russian assets for the good of Ukraine.”

ENDS

Notes to Editor:

The UK has frozen £22.7 billion of Russian assets,according to the OFSI’s December 2023 report. 

The EU has frozen around €21.5 billion euros (around £18.5bn) of Russian assets.

Combined together, the UK and European countries could provide Ukraine with a total of £41 billion, close to the amount which the US Senate failed to agree.

The Belgian Government has repurposed interest accrued on frozen Russian assets to benefit Ukraine. If the UK took this step it could immediately raise.

In 2022, Canada became the first G7 country to pass legislation enabling it to seize frozen Russian assets. Foreign Secretary David Cameron recently commented that there is a “strong argument” for asset seizure, but the UK Government is yet to pass legislation enabling it to do so.