Repurposing Russian Assets to Rebuild Ukraine

Marie Rimmer Excerpts

Tuesday 27th June 2023 Commons Chamber

[Ms Marie Rimmer (St Helens South and Whiston) (Lab)]

Ukrainians are fighting for their country. They are fighting for their freedom and democracy, they are fighting for our shared values, and they are winning. Yet we must not be complacent: support for Ukraine needs to increase, and to keep increasing. Ukraine is strengthened with our international support.

The question now rightly turns to what will happen when Ukraine wins. Many of the invaded towns and cities have been left in ruins. Mariupol, once a bastion of tourism and the arts, has been turned into a ruin. A centuries-old theatre was completely destroyed. The Russian forces acted barbarically, and it is estimated that nearly 300 civilians were killed. That is only one example among many horrific war crimes that have been committed by Putin’s henchmen.

In March, the House rightly debated the seizure of Russian assets. The Government can and must do more to ensure that dirty money and Russian assets do not remain hidden here. London must no longer be the laundromat for oligarch and kleptocrat dirty money. However, that money must be put to good use. The money generated or hidden here for decades has helped to finance the brutal invasion of Ukraine, and for too long a blind eye was turned to it. The Government have a duty to ensure that it is now used to rectify that mistake. Now is the time to start planning how to use the money.

Russian assets should be used to undo the damage and destruction that Putin’s army has caused. Nothing will bring back the brave Ukrainian fighters who lost their lives defending their homeland, but we have a duty and a responsibility to honour their sacrifice. We must honour their sacrifice by rebuilding their country; we must honour their sacrifice by ensuring that dirty Russian money is finally put to a good use. Many of the foreign policy mistakes over decades have been caused by Governments failing to plan ahead. This must not be another example. We must not wait until the war is over to start taking action.

Last October, the Government indicated support for repurposing Russian assets, yet there have been no specific proposals. Other countries—our own allies—are taking the first steps to achieve that goal. Time and time again, we hear the Prime Minister say how we are standing shoulder to shoulder with our allies to support Ukraine. Our biggest ally, the United States, has introduced the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act to repurpose frozen Russians assets towards Ukraine, and Canada and the EU are doing something similar. Our country should be doing the same. We are not standing shoulder to shoulder; we are following when we should be leading—especially as London has long been known as the Russian money laundromat. We need to correct this error.

Since the unjustified and brutal Russian invasion of Ukraine began, I have been delighted by the unity across the House in support of Ukraine, and I hope the same will be true of the efforts to rebuild Ukraine. This motion is the start of that process—a process that will likely go on for years after Ukraine wins—but it is the very least we can do. Putin invaded Ukraine because it dared to be a modern and free-thinking European nation. With our continuing multinational support, Ukraine will win. Russian assets and dirty money hidden here should and must be spent on rebuilding Ukraine for our brave Ukrainian friends, who are fighting for freedom and democracy. It is a war for our shared values, and that makes it our war as well. We must act now.