Ukraine: Reconstruction

Lord Hannay of Chiswick Excerpts

Thursday 25th January 2024 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, on my noble friend’s second question, financial systems and capital markets have developed very differently and progressively since the era he talks of. On the first question, I disagree with him profoundly. The message, which is clear from this House and this Government, is shared by many in this House and beyond. It is that Russia is conducting an illegal war and that for those who conduct illegal wars there will be consequences, including financial sanctions.

[Lord Hannay of Chiswick (CB)]

My Lords, does the Minister recognise that when the Foreign Secretary appeared before the European Affairs Committee before Christmas, he said he was convinced that there was a legal way of sequestrating the capital as well as the interest? Does the Minister not think it is a little dilatory to be coming before the House now, a month later? The Foreign Secretary did not say what that route was and nor is the Minister saying what it is now. Could he perhaps spill a bean or two?

[Lord Ahmad of Wimbledon (Con)]

One thing I have learned as a Minister is that you never spill the beans unless it is necessary. The noble Lord will know from his experience of being a leading diplomat that of course there are avenues and routes that we are exploring and that we need to ensure that when we announce policies, they can be implemented effectively. In this case my noble friend the Foreign Secretary has indicated the Government’s intent and, as we can, we will update the House.