The Ukrainian president, Volodymyr Zelensky, will meet with prime minister Keir Starmer and other European leaders in Downing Street on Monday as concerns grow that the US could force Kyiv to sign a peace deal that is favourable to Russia.
President Emmanuel Macron of France and Chancellor Friedrich Merz of Germany will join them to discuss efforts to end the war. Ukraine has come under increasing pressure to agree to a deal as US president Donald Trump pursues better ties with Russia and becomes impatient with the conflict. Moscow has shown no sign of willingness to compromise.
European leaders have vowed to stand by Ukraine, but are struggling to make up for dwindling US support. A plan to loan the country €140bn to keep its battered economy afloat using frozen Russian assets as collateral remains deadlocked.
In an interview with The Observer, Starmer said the EU was making progress on unlocking the funds but admitted the issue was complicated. “A very smart proposal has been put forward by the EU on how the assets might be used, but obviously there is further discussion and agreement to be reached,” he said.
Belgium, which holds the bulk of the assets in a central securities deposit, has opposed the plan because of concerns about legal repercussions. Prime minister Bart De Wever has complained that his country is being unfairly singled out when others, including the UK, are also sitting on frozen Russian assets.
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Starmer said the UK would look at unlocking Russian assets frozen in the UK in lockstep with other countries such as Canada.
Ministers are said to be ready to hand over £ bn of frozen assets.
“It is complicated stuff, but it is important that we bear in mind that what is happening in Ukraine matters to us here,” Starmer said.
Ukrainian negotiators met with US special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner in Florida on Friday and Saturday for the latest round of negotiations. Witkoff and Kushner spent almost five hours with Vladimir Putin in Moscow last week but there was no breakthrough.
Photograph by Genya Savilov/AFP via Getty Images