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U.K., Argentina free frozen funds

British officials are pleased that Argentina finally agreed to London's proposals for a mutual ending of financial sanctions imposed because of the Falklands war, Monitor correspondent David K. Willis reports.

The sanctions were lifted simultaneously at 7 p.m. Eastern daylight time Tuesday night, the Argentine Economics Ministry said. The move reportedly frees British assets in Argentina.

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The United States was involved in what is called here a ''minuet'' of indirect talks at the recent International Monetary Fund meeting in Toronto which led to the agreement.

Yet direct talks are still impossible, as diplomatic relations remain broken and trade sanctions remain in place. So does an arms embargo.

Meanwhile, the Thatcher government has given a cautious welcome to a report issued here advocating urgent economic aid to the Falklands to prevent the islands' collapse. It will take time before much money is spent. Official feelings here toward Argentina are still hostile, and prospects for talks on a long-term sovereignty settlement are dim.

British officials say they will talk to Argentina about trade if the Argentines approach them - but not about yielding one inch of the Falklands.