The UK and the EU discuss the confiscation of frozen Russian assets to increase pressure on Putin during potential peace talks.

Ukraine’s allies are intensifying discussions to determine how to seize Russia’s assets in an effort to increase pressure on the Kremlin ahead of possible peace negotiations.

Foreign Secretary David Lammy and the EU’s chief diplomat, Kaja Kallas, explored “innovative initiatives” in London aimed at enhancing European defense spending and military readiness. The discussions also addressed legal and financial mechanisms that would enable Europe to confiscate billions of dollars in Russian assets. However, some countries, such as Belgium and Germany, still oppose this measure.

The EU, G7 nations, and Australia have frozen approximately $280B in assets held by the Russian Central Bank, while sanctions against Russian oligarchs have also frozen around $58B in real estate assets.

Notably, last week the French National Assembly (the lower house of parliament) approved a resolution urging the EU to confiscate frozen Russian assets to fund Ukrainian military aid.