Emmanuel OchayiThe United Kingdom government is exploring the use of Russian assets to bolster Ukraine’s defense efforts.
Chancellor Jeremy Hunt unveiled this strategy, emphasizing the urgent need to disrupt Russia’s funding for the ongoing conflict.
Join our WhatsApp ChannelThis development marks a shift in the international response to the crisis in Ukraine.
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Chancellor Hunt, speaking from the International Monetary Fund’s (IMF) annual conference, revealed the approach in the fight against Russia’s aggression in Ukraine.
Hunt stated, “This is an illegal war. We need to do everything we can to make sure that Russia cannot continue to fund it.”
The UK government, along with the G7, is considering using Russian sovereign assets to support Ukraine’s defense.
Hunt emphasized that international law would be upheld, but the pursuit of innovative methods reflects the urgency of the situation.
In a world grappling with “Ukraine fatigue,” Hunt acknowledged that the conflict might be more protracted than anticipated, calling for prudent management of the British economy.
The UK’s proposal aligns with ongoing efforts by the US and the EU to make sanctions more effective. In recent developments, the US took action against companies breaching price caps on Russian oil, further tightening sanctions and driving up oil prices.
Hunt also highlighted the impact of soaring energy prices on UK households, attributing much of the instability to Putin’s aggression in Ukraine.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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