Ukraine: Frozen Russian Assets Debate
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Lord Callanan
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Ukraine: Frozen Russian Assets
Lord Callanan Excerpts(1 day, 12 hours ago)
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Baroness Chapman of Darlington (Lab)
The Prime Minister was very clear yesterday when he made the Statement in the other place that programmes in Ukraine, Sudan and Gaza were to be prioritised. The decision that was taken yesterday was difficult but important, and it is one that I completely support. It was the right thing to do: we must provide the additional resources to our defence to provide security. This is essential. It is not a situation that anybody is happy about, but I am afraid that politics, governing and leading are about tough choices. We have a Prime Minister who is prepared to make those tough choices, and I am proud of the decision that he made yesterday.
Lord Callanan (Con)
My Lords, there is a great degree of unanimity across the House that, as we mark the sombre third anniversary of this illegal and barbaric war, we stand wholly and entirely with the brave people of Ukraine, and we support the Government in their actions on this. I understand the Minister’s point about the difficult legal complexities of seizing Russian assets outright; I would like to see that done but I understand that it is difficult. Have the Government considered using these assets as collateral for long-term loans to help to support Ukraine’s reconstruction, while avoiding the unintended financial consequences that I know the Government are concerned about?
Baroness Chapman of Darlington (Lab)
In a sense, that is already what is happening because the interest on the assets is being used to repay the loan that has been made. We are contributing around £2.6 billion to that, alongside partners in the EU, United States, Canada and Japan. That is the right thing to do, and I know his party supports it. I take the opportunity again, as we did last night, to thank the Opposition for their unwavering support for the Government in our approach to Ukraine, just as we supported his Government since the beginning of this conflict.