Frozen Russian Assets: Ukraine

Caroline Nokes Excerpts

Monday 6th January 2025 Commons Chamber

[Madam Deputy Speaker (Caroline Nokes)]

It is the intention to run each of the Backbench Business debates for just an hour and a half, given the time we are left with.

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[Mr Will Forster (Woking) (LD)]

As my hon. Friend asks the Minister a question, let me highlight something. I hope this Government will have a better record on seizing assets than the previous one. The former Deputy Prime Minister Dominic Raab suggested that Sutton Place in my Woking constituency should be sold to benefit Ukraine or to house Ukrainian refugees; it is sitting idle despite the fact that it has been sanctioned as it is owned by Usmanov. Does my hon. Friend agree that the new Government need to do much better and sell assets like Sutton Place to benefit Ukraine?

[Madam Deputy Speaker (Caroline Nokes)]

Order. Interventions have been far too long. I pointed out at the beginning that only 90 minutes will be allowed for the debate. Perhaps the Member in charge will consider concluding his remarks shortly.

[Mike Martin]

I am coming to a conclusion, Madam Deputy Speaker.

What we ask for in the motion is simple. It is not to seize the assets, although we think the time for that has come, and it is not to act unilaterally, as the right hon. Member for South West Wiltshire (Dr Murrison) asked about. We ask the Government to investigate with allies how we can go about seizing the assets legally and then to report back to the House on those findings. If the Government agree and will do that, perhaps the Minister could let us know the timelines.

This is an issue of unity. We—this House and this country—have been united in our support for Ukraine and in our opposition to Russia’s aggression. In the spirit of the unity that we have shown on Ukraine and Russia, we humbly beseech the Government to investigate with allies how they can go about seizing the assets legally. We have remained united on Ukraine throughout, and we have shown exceptional leadership. Now is the time to show that leadership again.

[Several hon. Members rose—]

[Madam Deputy Speaker]

Order. There will be an immediate five-minute time limit.

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[Joe Powell]

I agree. The moral and legal rationale for seizing these assets is clear. The total cost of Russia’s destruction of Ukraine has already far exceeded the total frozen state assets. It is inconceivable that Russia will ever pay for the irreparable harm it has caused Ukraine. Seizing these assets would not only increase Ukraine’s capacity to resist further destruction but help its leaders rebuild the country. It would be a downpayment on the reparations Russia will almost certainly be legally liable for, and will make it face the full consequences of its actions now.

Britain’s leadership on Ukraine—from military support to Homes for Ukraine to sanctions—has been exemplary and cross-party, but there is always more to do, so I ask the Minister to address my points about making our sanctions more effective by tackling evasion, closing the loopholes in our property register, releasing the Chelsea funds, and mobilising the international coalition to seize Russian state assets, so that we can support our friends on the frontline in Ukraine right now.

[Madam Deputy Speaker (Caroline Nokes)]

That brings us to the Front-Bench contributors, starting with James MacCleary.

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[James MacCleary]

I thank the hon. Member for his intervention. It is as if I had given him a copy of my speech; I was about to come on to that. Stopping the Russian assault on Ukraine is part of a wider struggle for the future of democracy and liberty, in Europe and around the world. Russian ruler Vladimir Putin has made this war an existential one, staking the future of his regime on it. We must be in no doubt that current and wannabe dictators are watching closely to see how European powers respond to Russia’s challenge. Any wavering in our support for Ukraine could easily be interpreted as a green light to others to launch grabs for coveted territory. In short, the basis of the liberal world order is at stake, and Britain has a duty to protect that order, which we did so much to create.

With the looming return of Donald Trump to the White House, the stakes for Europe could not be higher. The future of US support for Ukraine is uncertain, and Europe must be prepared to step up. This is a wake-up call for the UK; we must lead within Europe and ensure that brave Ukrainians receive the robust support that they need from us.

Beyond repurposing Russian assets, we must also address the systemic failures that have allowed dirty money to flood into our economy. The UK has long been a destination of choice for Russian wealth, much of it funnelled through loopholes in economic crime legislation. It is time to properly resource the National Crime Agency, close these loopholes, and make it clear that kleptocrats are no longer welcome here.

Members who, like me, are students of Russian and east European history will be familiar with the word Holodomor. There have been lots of references to history and the lessons that we should take from it. For those who are not familiar with the word, we would simply call it the Ukrainian famine. In 1932 and 1933, uncounted millions of Ukrainians starved to death as a direct result of policies prosecuted by another dictator in the Kremlin, Joseph Stalin. I genuinely hope that those in this Chamber in the future will not look back on us and say that we could have done more to stop another great crime against the Ukrainian people.

The Liberal Democrats have been clear that this is about more than military aid; it is about holding Russia accountable and strengthening Ukraine’s defences. Ukraine’s fight is our fight; by taking action now, the UK can reaffirm that aggression will never be rewarded, that Europe will always stand firm in defence of freedom, and that Britain remains at the heart of the continent’s security and values.

[Madam Deputy Speaker (Caroline Nokes)]

I call shadow Minister Gareth Davies.

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[Stephen Doughty]

I thank the right hon. Gentleman for his comments and hope that he will write me the letter that he promised in the debate. I will read it with great interest. He is extremely well informed on these matters and he knows that I have taken a keen interest in them over some time. As I said, we will consider all lawful measures that we can possibly take to ensure that Ukraine gets the support it needs. I will listen closely to his advice and, indeed, that of many others. He would not expect me to comment on any legal advice or technical advice under consideration.

I am conscious of the time and the need to move to the next debate, but I genuinely want to thank all right hon. and hon. Members. Hugely important points were made. It is clear that there is unity in the House that we all want to get Ukraine the support that it needs, and to get that there as quickly as possible. I am convinced that we are doing everything we can on both sides of the equation—choking off Russia’s ability to fund its war machine on the war economics side, which was mentioned, as well as getting Ukraine the support that it needs. We will continue to do that.

Our support is ironclad, and we have made that clear to President Zelensky. I was with Foreign Minister Sybiha a number of times before Christmas, and he is absolutely clear that the UK’s support is critical and that it must continue. We are glad to give him confirmation of our resolute support.

[Madam Deputy Speaker (Caroline Nokes)]

I call Mike Martin to wind up.