Ukraine

Iain Duncan Smith Excerpts

Wednesday 15th October 2025 Commons Chamber

[Yvette Cooper]

My hon. Friend is right that we need to look at different, innovative ways of providing the financial support, and the commitment and investment, that Ukraine will need. Obviously, there are immediate issues around defence equipment and support, including support for the energy infrastructure that we are providing, but there will also be issues around longer-term investment and we should look at innovative ways to support that.

[Sir Iain Duncan Smith (Chingford and Woodford Green) (Con)]

I am the chairman of the all-party parliamentary group on Magnitsky sanctions and reparation, and we have encouraged the last Government and the present Government to be much more aggressive about their sanctions regime. When we look at the number of people who have been sanctioned, it does not compare to what the United States and many others have done. First, it is long overdue that the whole business of the money from the Chelsea sale was settled; it beggars belief that we have not managed to get that one done. I agree with my right hon. Friend the Prime Minister—the ex-Prime Minister, rather; some of us live in hope. The shadow fleets could easily be attacked by sanctioning British marine insurers who have insured those ships. Without that insurance, they will not be put to sea because they will have no financial backing for it. Why we have not done that up until now is a complete mystery to me. That is surely something we should get on with straightaway, because we can act on it immediately.

[Yvette Cooper]

I thank the right hon. Member for his long-standing commitment on sanctions, and on Russia and Ukraine. The impact of the sanctions is that any company or any UK company or resident that transacts with, as well as trades with, those sanctioned bodies, will therefore be covered by the sanctions as well. We will continue to look at what further we can do to keep increasing the pressure on Russia. On the Chelsea football club proceeds, I strongly agree that this needs to move as swiftly as possible, and I can assure him that it has been something on which I have focused significantly since I arrived in post. We will continue to do all we can in those areas to support Ukraine.