The Guardian reported the news.
According to the publication, British Foreign Minister Liz Truss plans to announce plans to confiscate Russian assets and hand them over to Kyiv at a conference to discuss the principles of Ukraine's post-war recovery, which opens today, July 4, in Lugano, Switzerland.
"I am supportive of the concept. We are looking at it very closely. The Canadians have in fact just passed legislation This is an issue that we are working on jointly with the Home Office and the Treasury, but I certainly agree with the concept. We just need to get the specifics of it right," said Truss.
The seized funds are expected to be transferred either to private individuals in the form of compensation for damages, or to the Ukrainian authorities.
Truss added that the British Parliament may need to pass a new law that would allow the transfer of frozen Russian assets to Ukraine. However, this may not be necessary.