Ukraine: Frozen Russian Assets

Lord Banner Excerpts

Wednesday 26th February 2025 Lords Chamber

[Baroness Chapman of Darlington (Lab)]

The principle we apply here is that Russia must pay for the damage it has caused to Ukraine, but we want to make sure that we do that in a way that is legal, and in co-ordination with our partners and allies. The conversations that need to be had to bring that about will be taking place.

[Lord Banner (Con)]

My Lords, the Government have been saying for many months since they came into power that they have been considering the use of frozen Russian state funds for reparations for Ukraine. Do the Government accept that the time for a decision has come, before it is too late?

[Baroness Chapman of Darlington (Lab)]

We all want to see Russia pay to rebuild Ukraine; it is right that that happens. The way that is done needs to be legally sound, and it needs to be done in co-ordination with our allies. That is the approach we are taking. I appreciate the encouragement to speed, and I acknowledge that we have been in this position for some months now. I accept what the noble Lord says, and I take his question as a spur to action for the Government. I can assure him that we are keenly seized of the argument he makes.