War in Ukraine: Third Anniversary

Debate between Iain Duncan Smith and Liam Byrne

Thursday 27th February 2025 Commons Chamber

[Sir Iain Duncan Smith]

I agree. I can understand that reluctance. I think it is twofold. Those who have financial services markets are worried that if they leap out and do this without full agreement, all those other countries will say, “That is the last time we will ever invest money in that capital market. We will move it to the other countries that do not do that.” I can understand from the Government’s standpoint that it has to be agreed across at least the G7, as its members controls most of those capital markets. That would mean there would not be any country for an oligarch or totalitarian leader to go to.

We have had a long time to get this right. Canada has made the strongest statement of all. I am told that America was okay under the last Administration. I am not sure now, but I would hope that President Trump realises this money is there. We should make this agreement as fast as possible. There can be no peace deal without money attached to it, and that money is necessary for Ukraine and must be used for Ukraine, and it is a huge sum. If we think we can use the earnings from the capital, we can use the capital too, because there is no definition or delineation between them. If we own the earnings, we own the capital.

[Liam Byrne (Birmingham Hodge Hill and Solihull North) (Lab)]

The right hon. Gentleman and I have organised debates on this topic in the past. Does he share my view that we now need to get a lot faster in seizing this money, not only to pay for the munitions needed to win the war, but crucially, then to win the peace in Ukraine, making good the horrific scale of damage that Russia has inflicted on that great country?