Britain and the European Union are set to increase pressure on Russia by discussing the possibility of confiscating frozen Russian assets ahead of peace talks to resolve the conflict in Ukraine. As Bloomberg reported, citing informed sources, a meeting between British Foreign Secretary David Lammy and EU High Representative for Foreign Affairs Kaja Kallas will take place in London on March 18. The main topic will be finding legal and financial mechanisms to seize Russian funds, which will allow them to be used to strengthen defense and support allies in the confrontation with Moscow.

The talks in London reflect the West's desire to increase economic pressure on Russia before a possible dialogue on ending the conflict. According to the agency's sources, certain steps in this direction have already been taken, despite the resistance of a number of European countries, including Belgium and Germany, which fear a violation of international law and destabilization of the financial system. Lammy previously emphasized that it is in Europe, not the United States, that doubts are more often voiced regarding the fate of sovereign assets. He expressed hope that a change of government in Germany could soften Berlin's position, opening the way to more decisive action.

"We must modernise our cooperation with the EU to stop the conflict and ensure security," — the British minister said, emphasizing the need for joint efforts. 

In addition to the confiscation issue, Lammy and Kallas will consider the EU initiative to allocate 150 billion euros for arming third countries such as the UK, Norway and Switzerland. This plan will allow London to avoid direct financial investments, shifting them to European partners, while providing British defense companies with large orders. Such distribution of resources, according to experts, will strengthen the UK's position in the region without additional costs from the national budget. 

The issue of seizing Russian assets has become especially relevant amid the ongoing conflict. Since the conflict began in 2022, the G7 and the EU have frozen about $280 billion in Russian central bank reserves, most of which are held in the Belgian depository Euroclear. According to Reuters, in March 2025, G7 leaders plan to finally determine the mechanism for using these funds, which could include transferring them to Ukraine in the form of a $50 billion loan. Russia, in turn, called any action with the assets theft and promised mirror measures, including keeping Western funds on its territory.