RACHEL REEVES URGES EU TO SEIZE FROZEN RUSSIAN ASSETS

Rachel Reeves has urged the European Union to take custody of €210 billion (£175 billion) in frozen Russian assets to fund Ukraine’s defence. The former chancellor made the appeal with three other politicians, saying “the time to act is now”. They said the EU had immobilised the Russian sovereign assets in 2022. Reeves said Kyiv faced a funding shortfall and “a desperate winter”. She also said US President Donald Trump was seeking to pressure Ukraine “to cut a deal with Moscow”.

Reeves wrote alongside former German defence minister Annegret Kramp-Karrenbauer, former French minister for Europe Nathalie Loiseau and former Canadian deputy prime minister and finance minister Chrystia Freeland. The four said the assets could fund Ukraine’s defence into 2029. Reeves represents Leeds West and Pudsey. Andy Burnham removed her as chancellor after he became prime minister, and John Healey succeeded her. The appeal was Reeves’s first significant intervention since she left government earlier this year.

Reeves warned that without the funding, Ukraine’s “capacity to sustain its defence will be gravely impaired”. She said that outcome would “undermine Europe’s security”. The proposal follows a UK announcement of an additional £10 billion in support for Ukraine. Healey announced the funding in Wednesday’s Budget, according to the account of the announcement. Zelensky welcomed the package after discussions with Burnham.