On 21 November 2025, the Prime Minister set out the UK position ahead of the G20 Leaders’ Summit in Johannesburg on 22–23 November, backing efforts for a full ceasefire to create space for negotiations and signalling support for long‑term Ukraine financing and energy resilience.
Downing Street said partners would meet on the summit margins to review a ceasefire proposal and, in the Prime Minister’s words, to support President Trump’s push for peace while strengthening the plan for the next phase of talks.
The Prime Minister argued Russia is the only G20 member not calling for a ceasefire and said almost 1,000 drones and 54 precision‑guided missiles had struck Ukraine in the past week, injuring civilians. The remarks framed Russia’s actions as inconsistent with its stated interest in peace.
He added that Ukraine remains ready to negotiate and that the UK will co‑ordinate closely with Washington and Kyiv. A separate Downing Street readout the same day noted a call with President Macron, Chancellor Merz and President Zelenskyy reaffirming support for a just and lasting peace involving Ukraine.
On energy, the Prime Minister urged partners to end reliance on Russian gas to curtail revenue flows to the Kremlin and called for assistance to repair Ukraine’s power systems repeatedly damaged by strikes, describing this as central to civilian safety through winter.
On financing, the Prime Minister said the UK would intensify work on proposals for reparations loans secured against Russian sovereign assets. In parallel, the EU has established a loan cooperation mechanism in which future extraordinary revenues generated by immobilised Russian sovereign assets are used to service and repay EU‑G7 loans to Ukraine, including an EU macro‑financial package of up to €35 billion within a wider G7 framework of up to €45 billion.
To date, EU decisions authorise the use of extraordinary profits from immobilised Russian sovereign assets rather than the seizure of principal. From the second half of 2025, 95% of these revenues routed to the EU will be channelled through the Ukraine Loan Cooperation Mechanism to help service EU‑G7 loans, with the remainder supporting security assistance.
For officials and operators, the immediate read‑across is practical. Energy planners should assume continued pressure to diversify away from Russian hydrocarbons, while humanitarian and infrastructure partners can expect further donor focus on Ukraine’s grid repair, generation capacity, and winter resilience. Financial institutions should continue strict compliance with asset‑freeze measures and prepare for evolving guidance on any revenue‑backed loan structures.
Looking ahead to 22–23 November, attention will be on whether leaders’ statements reference a full ceasefire track, how verification and sequencing would be handled in any negotiations involving Kyiv, and whether finance ministers set out next steps on revenue‑backed loans against immobilised Russian sovereign assets. The UK has indicated it will co‑ordinate closely with partners throughout.