European leaders near deal to use frozen Russian assets for Ukraine

Radosław Sikorski believes an agreement to use ‘the aggressor’s money … on behalf of the victim’ could be achieved by the end of the year. Photograph: Ukrinform/Shutterstock

European leaders, including in the UK, are increasingly confident a proposal to lend Ukraine €140bn (£122bn) secured on frozen Russian central bank deposits can be agreed by the end of the year, in a move deemed critical for Kyiv to maintain its defence effort.

Proposals from the European Commission were discussed at a meeting of G7 finance ministers in Washington last week and will be debated at an EU leaders summit on Thursday in Brussels. US participation remains uncertain.