Russia

Debate between Lord Swire and Lord Sharpe of Epsom

Tuesday 14th May 2024 Lords Chamber

[Lord Swire (Con)]

Will my noble friend the Minister clarify whether the UK is able to act unilaterally on sequestered Russian assets and does not have to operate within the G7 framework, or whether we have to act collectively? Secondly, with that in mind and given the involvement of the UK, can the Minister update the House on the progress of the sale of Chelsea and the £2.5 billion, which is much needed? We should not fool ourselves: the situation in Ukraine is extremely serious now. It needs all the help we can give, both materiel and, obviously, financial assistance. We need to move a little quicker than perhaps we have in the past.

[Lord Sharpe of Epsom (Con)]

On the first part of my noble friend’s question, I do not know the precise answer to whether or not we can act unilaterally. I imagine that that is the case, but I would question whether it would have much utility. By definition, the threat is a global one and the co-ordinated response will be much more significant if we take it with our allies and friends than if we go it alone.

As for Chelsea, I cannot comment. I know that discussions are ongoing, but I do not know where they are.