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Turning Frozen Russian Assets into Support for Ukraine
In the fifth year of Putin’s illegal and unprovoked invasion, brave Ukrainian men and women continue to hold the line. I am proud that Britain has stood shoulder-to-shoulder with them, and we must continue to do so for as long as it takes.
We must also use every lever of our financial, diplomatic, and economic power against Putin’s war machine. At this moment, there is more the Government can and should be doing.
That includes seizing the near £30 billion of frozen Russian assets across the UK, and channelling these funds to Ukraine’s front line.
In the Chamber yesterday afternoon, I pressed the Foreign Secretary on exactly this.
On 19 March 2025, I asked the former Prime Minister the same question and was told that it was “complicated” and “not straightforward,” but that the Government was working with allies to see what was possible.
I understand the detail is complex and legality murky. But at the same time, the imperative is clear.
Russia brutally caused this devastation and it should bear the consequences of its war, rather than Ukrainian taxpayers being left to shoulder the cost of rebuilding their country.
As more than 120 MEPs in Brussels urge EU leaders to reopen talks on repurposing €200 billion in immobilised frozen Russian assets to Ukraine, our Government should work with our European allies, put these assets to work, and take the lead.
The Government have finally moved to ban trade with illegal settlements in the West Bank - a long-overdue and vital move.
On Russian assets, they must now do the same.
The Foreign Secretary recognised that it was right to keep pressing the Government on this. Absolutely. But we now need the action to match it.
As another winter approaches and Russia seeks to callously target civilian infrastructure again, this week’s announcement to commit £100 million to the rapid delivery of air defence interceptors is crucial.
At each step, there has been absolute unity across the House on our support for Ukraine, this has been the case since Putin’s “little green men” seized control of Crimea in 2014, and we must continue to actively put every tool at our disposal to help Ukraine defend itself and ensure Putin pays the price for his warped imperialist ambitions.
