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Britain is prepared to loan Ukraine all frozen Russian central bank assets in the UK on the basis that Russia will be forced to pay reparations to Ukraine at the end of the war, the UK foreign secretary David Cameron has said.
He said the assets would be used as surety for the payment of the reparations.
The plan is more radical than proposals discussed in the European Union for Ukraine to be given only the windfall profits from the Russian central bank assets being held by the West. The annual windfall profits are estimated at $4bn.
Cameron told peers on Tuesday night:
"There is an opportunity to use something like a syndicated loan or a bond that effectively uses the frozen Russian assets as a surety to give that money to the Ukrianians knowing that we will recoup it when reparations are paid by Russia. That may be a better way of doing it. We are aiming for the maximum amount of G7 and EU unity on this but if we cannot get it I think we will have to move ahead with allies that want to take this action."
