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Liz Truss Considers Seizure of Russian Assets in UK to Offer to Ukraine | Ukraine

Liz Truss Considers Seizure of Russian Assets in UK to Offer to Ukraine |  Ukraine

 


Liz Truss said the UK wants to follow the Canadian example and seize the assets of Russians in the UK and give them to Ukraine.

As the foreign minister is scheduled to speak at the Ukraine Reconstruction Conference in Lugano, Switzerland on Monday, either in person or most of Ukraine’s top political leaders will be present.

It is estimated that more than 120,000 homes in Ukraine were destroyed during the Russian invasion, which would require billions of dollars in income to economically restore the country and make it a European-facing economy.

Truss told MPs last week that he supports the idea that the government could seize frozen Russian assets in Britain and redistribute them to victims of the Russian war in Ukraine.

She said: I support the concept. We are looking at it very closely. Canadians actually passed the bill. This is an issue we are working on jointly with the Ministry of the Interior and the Ministry of Finance, but I certainly agree with the concept. You just need to figure out the specifics.

She said the initiative will need legislation, but not necessarily.

Confiscated funds may be given to individuals in the form of reparations or given to the State of Ukraine. Currently, the UK can suspend Russian assets for 56 days and carry over the suspension for 56 days under the Economic Crimes Act. During that period, the owner of the asset cannot benefit from the asset.

In a speech at the conference, Truss argues that the UK will position itself as Ukraine’s key partner in the recovery process, and that it has already provided Ukraine with $1.5 billion in multilateral loan guarantees and more than $100 million in bilateral aid.

She will say: Ukraine’s recovery from Russia’s war of aggression will be a symbol of the power of democracy over dictatorship. it will show [Vladimir] Putin said attempts to destroy Ukraine have only resulted in a stronger, more prosperous and more united state.

The UK is resolutely supportive of Ukraine’s territorial integrity and will remain with Ukraine as it emerges as a strong, thriving and cutting-edge democracy. We led aid to Ukraine during the war and will continue to take the lead in supporting the Ukrainian government’s reconstruction and development initiatives.

The Ministry of Foreign Affairs says humanitarian aid and demining programs will help rebuild villages, towns and cities, and in the long run the UK will share its economic and financial expertise, transforming Ukraine into a global hub for investment, business and high-tech . . At the request of President Volodymyr Zelensky, the UK will advocate for the restoration of the city of Kiev and the Kyiv region.

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Indeed, the scale of the reconstruction will depend on the outcome and duration of the war, and whether the worst-affected eastern part of Ukraine will be returned to Kyiv or left in Russian hands.

It is estimated that around 6.4 million Ukrainians have fled the country, and between 6 and 7 million Ukrainians have left their homes and migrated to western Ukraine. If the war continues through the end of the year, the cost of the war is estimated at $1 trillion. The International Monetary Fund (IMF) estimated Ukraine’s balance of payments gap by June at about $14.3 billion ($15 billion).

One of the goals of the conference is to present a vision for Ukraine’s economy, which has close ties to Europe, providing expertise in the fields of agriculture, renewable energy and technology. One of the most sensitive issues is how to solidify a strong anti-corruption agency at a time when de-oligarchic programs and massive inflows of money from the US and Europe are likely.

Sources

1/ https://Google.com/

2/ https://www.theguardian.com/world/2022/jul/03/liz-truss-mulls-seizure-of-russian-assets-in-uk-to-give-to-ukraine

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