Ukraine: Reconstruction

Lord Hintze Excerpts

Thursday 25th January 2024 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

On the noble Lord’s second point, that is something that we are working through. I cannot go into further detail, but we are working closely with our colleagues in His Majesty’s Treasury on this very objective. We want to ensure that the structures and legal obligations are fully fulfilled. I assure the noble Lord that I will update him on the specifics as soon as I can. On his first question, if the Russian sovereign assets that are held are earning interest, that should be part of the mix to ensure the compensation which is rightly due to Ukraine for the destruction Russia has caused and that Russia is held fully accountable.

[Lord Hintze (Con)]

My Lords, I draw attention to my interests in the register. Does the Minister agree that in doing such an action, notwithstanding the critical issues in front of us with regard to the aggression, there is a need to think about the unintended consequences of seizing assets without the proper law?

[Lord Ahmad of Wimbledon (Con)]

I believe I have addressed that. I agree with the noble Lord, and that is what I have said. Any action, whatever that may be, must be legally underpinned and legally robust. That is why sometimes we are slightly constrained in what we say from the Dispatch Box.