Repurposing Russian Assets to Rebuild Ukraine

Debate between Leo Docherty and Geoffrey Clifton-Brown

Tuesday 27th June 2023 Commons Chamber

[Leo Docherty]

Thank you, Mr Deputy Speaker. The Minister of State, Foreign, Commonwealth and Development Office, my right hon. Friend the Member for Berwick-upon-Tweed (Anne-Marie Trevelyan) has had to go away to deal with an urgent welfare issue. So, with the leave of the House, let me begin by thanking all right hon. and hon. Members from across the House for the constructive tone of this debate and for their continued support for Ukraine in the face of Putin’s deplorable and illegal invasion. We have heard many thoughtful and considered speeches and interventions. First and foremost, I would like to reiterate our absolute determination to ensure that, fundamentally, Russia pays for the damage it has caused in Ukraine.

I was grateful for the contribution of the hon. Member for Cardiff South and Penarth (Stephen Doughty), and I will try to cover some of the points he raised. It was welcome that he reiterated the fact that Putin is to blame. We work on the basis that the perpetrator must pay, which is exactly what the Prime Minister outlined last week during the very successful Ukrainian recovery conference.

[Sir Geoffrey Clifton-Brown]

The Russian economy is worth about $1.8 trillion, ranking it 11th in the world. Does my hon. Friend agree that the UK has a strong legal base and that we need to work with our international partners so that we can send out a strong message to the Ukrainians today that there is a hope that one day their country will be rebuilt?

[Leo Docherty]

I am grateful for that intervention, as I entirely agree with it. If we look at the work that has been carried out by G7 allies, European nations and other states around the world in constraining the export of Russian hydrocarbons and finding alternative supplies, we see that the European energy picture has changed radically overnight. That was a consequence of allied will and effort. If we bring that same determination to the issues we have discussed today, we can have a very significant impact.

The perpetrator must pay and we are very clear about that. I will come on to what consideration we have given to the various options that have been laid out today, but I should say—

Ukraine Recovery Conference

Debate between Leo Docherty and Geoffrey Clifton-Brown

Thursday 22nd June 2023 Commons Chamber

[Leo Docherty]

The Department will keep colleagues informed through oral and written statements. The hon. Gentleman is correct that public capital is a small component; we are trying to create an environment where global private capital can flow into Ukraine to drive development and long-term sustainable growth. The de-risking of that is a key condition in which the London insurance market will be central.

[Sir Geoffrey Clifton-Brown (The Cotswolds) (Con)]

Our Government deserve great credit for the military and non-military support—£470 million has been given. The World Bank estimated in March that the total rebuilding of Ukraine was likely to cost in excess of £411 billion—that was before the destruction of the Kakhovka dam. Did my hon. Friend detect at yesterday’s conference a willingness among the world’s wealthier nations that for one reason or another have not felt able to participate in the military effort to participate generously in the efforts to rebuild Ukraine?

[Leo Docherty]

That is a relevant question. I think that there is that appetite. The sheer scale of the economic and financial heft of G7 and non-G7 nations there left us full of confidence that our resolute military effort across allied nations will be matched by global capital.