Ukraine: Support

Lord Collins of Highbury Excerpts

Tuesday 16th April 2024 Lords Chamber

[Lord Cameron of Chipping Norton (Con)]

I certainly agree that we should look at this. We have been effective at taking Russian gas and oil out of our system and it is pretty remarkable what steps have been taken across Europe to reduce dependence on Russian oil and gas. Just last week, we made an announcement about excluding Russia from the London Metal Exchange and other related exchanges. This is the next area that we should look at. I have had a letter from the Ukrainian Foreign Minister that I saw just this morning about this issue. We will certainly take this away and look at it. It is the responsibility of the Department for Energy Security and Net Zero, as it deals specifically with Urenco, the company that delivers our nuclear fuel, but we will take this away.

[Lord Collins of Highbury (Lab)]

My Lords, I certainly welcome the Foreign Secretary’s continued unity with the Opposition. We are at one with the Government on defeating Russian aggression. He said recently that we will ensure that Russia pays for its aggression through the use of frozen assets and that he would seek unity between the G7 and the EU. Can he update us on that? I have raised frequently with the noble Lord, Lord Ahmad, the £2 billion from the sale of Chelsea, which is still languishing somewhere. Can the Foreign Secretary update us on that and say why we cannot ensure that this £2 billion is used for the immediate support of the people of Ukraine?

[Lord Cameron of Chipping Norton (Con)]

I can certainly update the House on both those issues. I have been perhaps one of the most enthusiastic about using the frozen Russian assets; you know that Russia will have to pay reparations, so you should give the money now to Ukraine and get it paid back by the reparations when they come. The difficulty is in getting consensus around the EU and in the United States. To be fair to European Union countries, the majority of the sovereign assets are in their countries and they have a direct interest in it, particularly Belgium and the money in Euroclear. I think there is an emerging consensus that the interest on those assets can be used to support much larger financial support for Ukraine, so I am confident that at the G7 Foreign Ministers’ meeting and the G7 meeting there will be an answer around which America, the UK, France, Germany and others can coalesce. If we can get that done, we will be able to provide real financial firepower to Ukraine based on those assets, rather than delivering the assets directly.

The Chelsea situation is immensely frustrating; as the noble Lord says, what could be as much as £2.5 billion is sitting there in potentially one of the biggest charitable organisations in Britain, and it is very frustrating that we cannot get the money out of the door. The disagreement is over whether all the money has to go into Ukraine for the benefit of the people in Ukraine who have suffered from the war or whether any of it can be spent in other countries—although not Russia or Belarus—that have suffered from the Ukraine war. That is the difficulty with the people who set up this trust. We have to resolve that with the European Union and Portugal, where Abramovich has citizenship. We are working very hard because I do not want month after month to go by while the money has not got out of the door. It is difficult to get everybody into alignment, but we are on it.