Ukraine: Reconstruction

Lord Collins of Highbury Excerpts

Thursday 25th January 2024 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, of course we are working very closely, as I said in my original Answer, with G7 members, particularly the United States. On seizing assets, we will ensure that any action we take is legally robust. All elements, including asset seizure, are considered. In December last year, leaders at the G7 confirmed that, consistent with our respective legal systems, Russian sovereign assets in our jurisdictions will remain immobilised until Russia pays for the damage. I assure the noble Lord that we are working closely with the US in that respect.

[Lord Collins of Highbury (Lab)]

My Lords, on the last point, when we dealt with the Russia sanctions, we specifically raised those sovereign funds and the accrued interest. I welcome the Foreign Secretary’s commitment and that of allies to investigate strongly to ensure that the Russians pay for the damage they have caused. Can the Minister update us on the interest issue that has been raised? Also, what has happened to the funds that were promised arising out of Chelsea Football Club?

[Lord Ahmad of Wimbledon (Con)]

On the noble Lord’s second point, that is something that we are working through. I cannot go into further detail, but we are working closely with our colleagues in His Majesty’s Treasury on this very objective. We want to ensure that the structures and legal obligations are fully fulfilled. I assure the noble Lord that I will update him on the specifics as soon as I can. On his first question, if the Russian sovereign assets that are held are earning interest, that should be part of the mix to ensure the compensation which is rightly due to Ukraine for the destruction Russia has caused and that Russia is held fully accountable.