Ukraine: Frozen Russian Assets

Lord Foulkes of Cumnock Excerpts

Wednesday 26th February 2025 Lords Chamber

Asked by

[Lord Foulkes of Cumnock]

To ask His Majesty’s Government what action they are taking to release frozen Russian assets to help Ukraine.

[The Parliamentary Under-Secretary of State, Foreign, Commonwealth and Development Office (Baroness Chapman of Darlington) (Lab)]

My Lords, alongside our G7 allies, we have been clear on the principle that Russia must pay for the damage it is causing to Ukraine. We are considering all lawful routes to ensure Russia pays. We are also providing Ukraine with an additional £2.26 billion, earmarked for military spending, as part of the G7’s $50 billion extraordinary revenue acceleration loans, which will be repaid using the profits generated on sanctioned Russian sovereign assets in the EU.

[Lord Foulkes of Cumnock (Lab Co-op)]

My Lords, I am grateful to my noble friend for that excellent Answer. I think she knows that I have written to the Chancellor, as I wrote to previous Chancellors, asking that the £2.5 billion which Abramovich got for the sale of Chelsea Football Club be unfrozen and sent to Ukraine, where it is urgently needed. If the Government were able to take quick action on this, it would be welcome on all sides of the House.

[Baroness Chapman of Darlington (Lab)]

I thank the noble Lord for sending me a copy of the letter he has written; it is very helpful, and it is now with officials. I commend him for the tenacity with which he approaches this and every other issue, but this issue in particular. He is right to do so, and he must keep pressing the Government on this. We are moving as fast as we can, but it is good to have the encouragement and support of Members of this House.