Ukraine

Helen Maguire Excerpts

Tuesday 22nd October 2024 Commons Chamber

[Mr Speaker]

I call the Liberal Democrat spokesperson.

[Helen Maguire (Epsom and Ewell) (LD)]

I thank the Secretary of State for advance sight of his statement. Liberal Democrats welcome the new measures announced today to use the profits of frozen assets for Ukraine. That £2 billion will be of immense value to our Ukrainian allies as they seek to repel Putin’s illegal invasion, not least following the alarming news that 1,500 North Korean troops are currently being trained in Russia to fight in Ukraine, but we must go further, faster. Russia must not and cannot succeed.

Some £22 billion in frozen assets remains locked up in our country. We urge the Government, as we have done for years, to seize those assets and repurpose them for Ukraine right away. Will the Secretary of State commit to doing so? Is he having conversations with our democratic partners to that effect? With the US elections fast approaching, it is deeply worrying that our commitment to our Ukrainian allies is uncertain. A second Trump presidency could have a devastating effect on the security of Europe and of Ukraine, so we urge the Government to seize these assets now so that we can support Ukraine come what may.

We must lead with Europe on this. The EU countries between them have close to €20 billion-worth of frozen assets. Will the Secretary of State consider convening an urgent summit with European counterparts to begin that process? Does he agree that if the US cannot, Europe must?

[John Healey]

In fairness to the Conservatives when they were in government, and to the hon. Lady’s party before the election, we were all united in the efforts to get the interest drawn down from the frozen Russian assets put into Ukrainian hands. The UK Government, before the last election and since, have been leading this work.

These are practical steps that we can take now. Whatever declaratory position the hon. Lady wants to adopt about seizing Russian assets, this is valuable additional funding that, from the new year, will be in the hands of the Ukrainian Government to spend on, in the UK’s case, the military aid that they need. That comes in addition to all the other increases that we have put in place since the election. I hope that despite the hon. Lady’s calls for going very much further, she will recognise how significant this move is and recognise that the UK is among the first of the nations to move on this. I hope she will give this House her full support when we introduce the primary legislation that will seek the parliamentary spending authority to provide this financial assistance in pursuance of a bilateral agreement that we will strike with Ukraine over how to do it.