Ukraine

Lord Risby Excerpts

Friday 26th January 2024 Lords Chamber

[Lord Risby (Con)]

My Lords, I thank my noble friend Lord Ahmad for initiating this timely debate, and I warmly congratulate my noble friend Lord Camoys on his absolutely excellent speech.

Ukraine is at the receiving end of numerous cross-currents. The pre-winter attempts to roll back Russian forces were not as successful as had been hoped for, the divisions among European countries beset by economic difficulties have led to some Ukraine fatigue, and military equipment promises have not been realised. Nevertheless, the resilience and determination of the Ukrainian people remain extraordinary. We also need to acknowledge that our support for Ukraine is ultimately an investment in our own territorial security, as a guardian of democratic values. The gratitude towards the United Kingdom is profound, so I greatly welcome the security co-operation signed recently in Kyiv by our Prime Minister. Particularly gratifying is the knowledge that our support is totally cross-party and backed by the British people.

Rightly or wrongly, there is a sense emerging that this war is edging towards a conclusion. As part of this, we have seen recently an increase in businesses worldwide exploring opportunities in Ukraine. For example, the giant Korean company Hyundai has entered into a partnership with a Ukrainian company to co-operate in projects in construction and in the reconstruction of chemical plants for the production of fertilisers, and it is exploring the further building of gas and processing plants. All of this is underwritten by $3 billion in credit support by the Korean Government. Security guarantees are crucial for potential investors. It is worth reminding ourselves that, pre-conflict, Kyiv was a vibrant high-technology and digital centre, used by many British businesses.

Among other welcome developments, our Ministry of Defence has been working closely with the Department for Business and Trade in engaging with the commercial insurance industry directly to come forward with solutions. Can my noble friend the Minister comment on what progress has been made? Excellent foundation work was undertaken at the London Ukraine Recovery Conference, with Lloyd’s of London announcing a partnership to reopen reinsurance coverage in Ukraine. Again, can my noble friend comment on progress made?

I hope that we will firmly insist that Ukraine does its part. There is still a great deal to be done on judicial reform. I suggest that it would be good for Ukraine to establish a properly empowered judicial investment court, to make sure that there are clear rules on investor protection and transparency. This would be the clearest possible message of positive change, which we should encourage very strongly indeed.

I greatly welcome the memorandum of co-operation signed between the Ministry of Economy in Ukraine, the London Stock Exchange and TheCityUK with the objective of the long-term financing of Ukrainian companies post-conflict. This should help to attract foreign direct investment. I particularly welcome the focus on small and medium-sized businesses.

My noble friend is right to emphasise the role of the private sector. Would it be possible, for example, to create a government-backed fund of funds out of existing development funds, to be invested by vetted, UK-based investment managers who will then commit to raising additional capital, leveraging this fund of funds? There is much support for this already by potential participants.

Many of your Lordships will be aware, and have spoken very tellingly, of the massive humanitarian needs in Ukraine. Admirably, there are many UK charities, which are to be applauded, quietly helping with medical supplies, support for those with life-changing injuries, particularly amputees, and programmes to address the inevitable mental health crisis. It is not only the consequences of the destruction of residential buildings; there are also targeted killings, the wicked abduction of children, brutal torture and sexual violence, all adding to personal trauma.

As we look ahead, it is worth reminding ourselves of the trilateral memorandum of understanding signed between Poland, Ukraine and ourselves, pre-invasion, to deepen co-operation in three priority areas: combatting disinformation, boosting cyber and energy security, and securing Ukraine’s territorial cohesion through the Crimea Platform. Poland has, of course, suffered invasions and occupation. The Council on Geostrategy, of which I am a director, along with the noble Earl, Lord Oxford and Asquith, and my noble friend Lady Neville-Jones, has assembled a commission of prominent individuals to determine how the three countries might deepen co-operation. Our concluding report will be published very soon. By joining forces, the three countries can pursue their agendas more effectively than alone. By advocating for Ukraine’s defence, which is so very critical, they can act as a vanguard within the Euro-Atlantic area at a time when any equivocation in the United States and the EU risks the country’s future.

Finally, as we examine all the strands at play in this conflict, and reflect on recovery and renewal, may I put a proposition to my noble friend the Minister? In so doing, I echo the sentiments of the noble Earl, Lord Oxford and Asquith. At different times historically, Members of your Lordships’ House and others have been appointed as special envoys, to be at the very epicentre of knitting together all political, military, commercial and humanitarian objectives. Is this not precisely the time to consider this role in Ukraine? Appointed by the Prime Minister, such an envoy would send a clear signal of our unwavering support to our Ukrainian friends, and potentially maximise the effectiveness of our multifaceted commitments, drawing together government departments here for the stability and renewal of the country. I hope that this suggestion will be given active and positive consideration.