Politico reported the information.Finance minister Rachel Reeves outlined the idea to EU finance ministers at a meeting in Copenhagen on Saturday, saying any scheme would comply with international law and would not involve permanent confiscation of Russian funds.Around £25 billion of Russian state assets are immobilized in the UK, compared with about €185 billion held in the EU, mostly at Belgium-based depository Euroclear.The UK finance ministry said the plan could “unlock financing up to the full value of the assets held in the UK” and would be designed to work “in lockstep” with the EU scheme.Brussels has been examining a proposal to issue up to €172 billion in loans to Kyiv, using immobilized Russian cash swapped for zero-interest EU-backed bonds. The approach is aimed at avoiding accusations of outright seizure, though Euroclear has warned against measures that could expose it to legal or financial risk.The EU currently uses profits generated from investing frozen Russian assets to service a G7-backed €45 billion loan package for Ukraine, but debate continues on whether to tap the underlying funds.European Central Bank President Christine Lagarde said Friday the ECB remained cautious. “Our concerns have been expressed in the past and remain the same,” she told reporters in Copenhagen.