Al Pinkerton
Main Page: Al Pinkerton (Liberal Democrat - Surrey Heath)Department Debates - View all Al Pinkerton's debates with the Department for International Development
(3 months, 2 weeks ago)
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Dr Al Pinkerton (Surrey Heath) (LD)
Russian oligarchs close to Putin have numerous assets under UK jurisdiction, equating to nearly £23 billion. Will the Minister commit to acting on a Lib Dem manifesto commitment to begin the process of seizing currently frozen assets in the UK and repurposing them in support of the people of Ukraine, building financial resilience in UK domestic support even if US support were to waver following the US election in November?
Anneliese Dodds
I am grateful to the hon. Member for his question. He is right in his implication that we need a robust sanctions regime—this Government are absolutely committed to that. Without sanctions, we estimate that Russia would have over £400 billion more to fund its war for another four years. It is important that we continue with that sanctions regime and do what we can to ensure that it is impossible to circumvent—I believe that his point was about that particular issue.
There is an international movement towards ensuring that Russian sovereign assets are put into play to support people who have been so appallingly impacted in Ukraine. We are working intensively with all our allies to pursue lawful ways to ensure that Russia meets its obligations. Together with our G7 partners we have agreed to make available approximately $50 billion to Ukraine by the end of the year by advancing the extraordinary profits generated by immobilised Russian sovereign assets in the EU and other relevant jurisdictions. Work is already ongoing on the issues that the hon. Member mentioned, if I understood his question correctly.