Financial Assistance to Ukraine Bill

Caroline Nokes Excerpts

Committee of the whole House
Wednesday 18th December 2024 Commons Chamber

[Caroline Nokes in the Chair]

[The Second Deputy Chairman of Ways and Means (Caroline Nokes)]

I remind Members that in Committee, they should not address the Chair as Madam Deputy Speaker. Please use our names when addressing the Chair. “Madam Chair”, “Chair” and “Madam Chairman” are also acceptable.

Clause 1



Provision of Loans or other Financial Assistance to Ukraine

Question proposed, That the clause stand part of the Bill.

[The Second Deputy Chairman]

With this it will be convenient to consider:

Clause 2 stand part.

New clause 1—Reports on loans or other financial assistance to Ukraine—

“(1) The Secretary of State must—

(a) prepare reports on the operation of assistance provided in accordance with section 1(a),

(b) lay a copy of each report before Parliament.

(2) Each report must provide details of the amount of—

(a) monies provided by the United Kingdom to Ukraine under section 1;

(b) the United Kingdom’s share of the principal loan amount and interest accrued under the scheme; and

(c) receipts of extraordinary profits from the Russian immobilised sovereign assets under the scheme.

(3) Each report must also provide a summary of discussions between His Majesty’s Government and other G7 governments about discussions on any subsequent arrangements that are supplemental to or modify or replace the arrangements referred to in section 1(a), including any discussions concerning—

(a) the range of Russian assets to which the arrangements might apply, and

(b) the use of those assets.

(4) The first report must be laid within the period of 6 months of the passing of this Act.

(5) Each subsequent report must be laid within the period of 6 months beginning with the day on which the previous report was laid.

(6) The duty under subsection (1) ceases to have effect 12 months after the arrangements referred to in section 1(a) or any subsequent arrangements of the kind referred to in section 1(b) cease to operate.”

This new clause establishes an annual reporting requirement relating to the UK share of loans to Ukraine and receipts from the extraordinary profits from the freezing of Russian state assets and to any G7 discussions to extend the arrangements.