Liz Truss considering confiscating Russian assets in UK to give to Ukraine
July 4, 2022, 10:18 am

Liz Truss considering confiscating Russian assets in UK to give to Ukraine

Liz Truss/Official Facebook page

UK foreign secretary Liz Truss has said that her country wants to follow the example of Canada and seize the assets of Russians in the UK in order to give them to Ukraine.

It comes as the foreign secretary is due to give a speech on Monday (July 4) to a Ukraine reconstruction conference in Lugano, Switzerland, which will be attended either in person or virtually by most of Ukraine’s senior political leadership, the Guardian reported.

It is estimated that more than 120,000 homes in Ukraine have been destroyed during the Russian invasion, creating the need for billions in income to restore the country economically and make it a Europe-faced economy.

Truss told MPs last week she was supportive of the idea that the government could seize frozen Russian assets in the UK and redistribute them to victims of Russia’s war in Ukraine.

She said: “I am supportive of the concept. We are looking at it very closely. The Canadians have in fact just passed legislation This is an issue that we are working on jointly with the Home Office and the Treasury, but I certainly agree with the concept. We just need to get the specifics of it right.”

She said the initiative would “most probably” need legislation but not necessarily.

The funds seized could be supplied either to individuals in a form of reparations or to the Ukrainian state. At present the UK can suspend Russian assets under the Economic Crime Act for 56 days and roll over the suspension for a further 56 days. In that period the owner of the asset cannot benefit from the asset in any way.

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In her speech to the conference, Truss will claim the UK will position itself as Ukraine’s key partner in the recovery process and claim it has already offered $1.5bn to the country through multilateral loan guarantees and more than £100m in bilateral support.

She will say: “Ukraine’s recovery from Russia’s war of aggression will be a symbol of the power of democracy over autocracy. It will show [Vladimir] Putin that his attempts to destroy Ukraine have only produced a stronger, more prosperous and more united nation.

“The UK is resolute in its support of Ukraine’s territorial integrity and will remain at Ukraine’s side as it emerges as a strong, thriving and cutting-edge democracy. We have led on support for Ukraine during the war and will continue to lead in supporting the Ukrainian government’s reconstruction and development plan.”

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The Foreign Office said: “Humanitarian assistance and de-mining programmes will help rebuild villages, towns and cities, and in the longer term the UK will share economic and financial expertise to transform Ukraine into a global hub for investment, enterprise and cutting-edge technology. The UK will champion the recovery of the city of Kyiv and the Kyiv region, on the request of President Volodymyr Zelenskiy.”

Source: theguardian

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
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