Today (Tuesday), Labour will bring forward an Opposition Day
motion calling urging the Government to use the summer recess to
draft legislation to repurpose sanctioned Russian state assets
for Ukraine’s reconstruction.
The Government has indicated since at least October 2022 that it
is in principle supportive of seizing Russian state assets to
fund Ukraine’s reconstruction. However, in the months since no
specific proposals have been forthcoming.
Across the world, governments are coming forward with legal
proposals to use Russian state assets for Ukraine’s
reconstruction.
At last week’s Ukraine Reconstruction Conference in London last
week, EU Commission President Ursula von der Leyen said the
proceeds from the over €200 billion belonging to the Central Bank
of Russia frozen in the EU will be used to pay for Ukraine’s
reconstruction, with a proposal arriving before the summer break.
In the US, a bipartisan group of senators have launched a bill to
seize and transfer Russian assets to Ukraine.
More than a year ago, on June 23 2022, Canada amended its Special
Economic Measures Act and the Justice for Victims of Corrupt
Foreign Officials Act to provide authority for the seizure,
forfeiture, disposal and redistribution of assets owned by listed
individual and entities.
According to the World Bank, at least $411 billion (£322 billion)
is needed to fund Ukraine’s reconstruction and recovery, while
the Financial Times reports that Western countries have seized
around $300 billion (£235 billion) since the start of Russia’s
full-scale invasion of Ukraine in February 2022.
MP, Labour’s Shadow Foreign
Secretary, said:
“16 months after Putin’s invasion, Ukraine has been left with
mass graves, cities turned to rubble and vital infrastructure
destroyed. It is only right that the Russian state is made to pay
for the destruction it has created.
“The UK has been united in its support of Ukraine and last week
provided leadership by hosting the Ukraine Reconstruction
Conference in London.
“The next stage of our support must be to put in place the laws
needed to seize Russian state assets to pay for Ukraine’s
recovery.”
Ends
Notes to editors:
Draft Motion
Repurposing Russian Assets to Rebuild Ukraine
That this House condemns Russia’s illegal invasion of
Ukraine; stands in solidarity with Ukrainians in their resistance
to Russia’s invasion of their sovereign state; recognises the
enormous damage Russia’s invasion has caused to Ukraine’s
infrastructure, economy and institutions; commends the recent
commitments made by the Government to support Ukraine’s recovery
during the Ukraine Recovery Conference 2023; and calls on the
Government to present a Bill before this House within ninety days
to allow frozen Russian state assets held in the UK to be
repurposed for Ukraine’s recovery.
