Frozen Russian Assets: Ukraine

Manuela Perteghella Excerpts

Monday 6th January 2025 Commons Chamber

[Mike Martin]

I quite agree. In Tunbridge Wells, I have been heartened by the number of families who have taken in Ukrainian refugees. We also have a Ukrainian school, to continue the important work of enshrining and protecting Ukrainian culture, because when people commit genocide, one of the things they do is destroy the culture of their enemy.

Moving on to the strategic questions, I cannot state plainly enough that Ukraine is fighting for us. Ukraine is fighting for the United Kingdom, and for the security of Europe. Putin will not stop if he succeeds in Ukraine. He seeks to recreate a Russian empire, or at least a sphere of influence, the territory of which is currently covered by countries that wish to remain free—countries, I hasten to add, that are our allies by treaty. I speak of Lithuania, Latvia, Estonia and Poland. It is important that we look to the future. In only two weeks, President-elect Trump will be inaugurated. We do not know how he will respond. We do not know what he will do. He may not know himself what he will do, but we know that he feels differently about Ukraine, about the security of Europe, and about Russia.

Why is that important? The United Kingdom should be proud of the leadership role that we have played over Ukraine—from the first next-generation light anti-tank weapons to the £3 billion and then some that we give every year. We have worked with allies throughout. In total, $380 billion of support—security, humanitarian and financial—has been given to Ukraine. Of that, $180 billion has come from the US, so we see immediately that the US, as so often in international affairs, is totally indispensable. The security of Europe rests upon American support. If that support is withdrawn, we have a problem.

Luckily for us, we have options. When the renewed invasion in February 2022 was inflicted upon Ukraine, we moved swiftly with allies to freeze Russian assets. There are some $300 billion of Russian state assets in G7 countries. Some $200 billion of those assets are in Euroclear in Belgium, and there are probably more than £20 billion-worth of assets in the United Kingdom. The Minister will have a better idea than me. Perhaps he can undertake to update the House on the exact scale of Russian assets currently held in UK institutions. In June last year, the G7 agreed that we would use the interest from those assets to support Ukraine, and this House passed the enabling legislation, cross-party, just before Christmas. It amounts to about £50 billion with which we will support Ukraine—a very welcome first step.

[Manuela Perteghella (Stratford-on-Avon) (LD)]

Does my hon. Friend agree that the UK, working shoulder to shoulder with our European allies, must lead the way in confiscating and repurposing frozen Russian assets for Ukraine? By ensuring that Ukraine has every financial and military resource that it needs, we can not only help the Ukrainians to reclaim their country but send a powerful message that Britain stands unwavering in the defence of freedom and democracy against Russian aggression.

[Mike Martin]

My hon. Friend is right: it is about not just actions that lead to practical outcomes but the signals that we send to our geopolitical opponents.