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UK considers redistribution of Russian assets to Ukrainian victims

IFM_Frozen Russian Assets to Ukraine as reparations-image
Liz Truss wants to follow Canada's example by seizing frozen Russian assets.

Liz Truss said that the UK wishes to follow Canada’s example and transfer frozen Russian assets to Ukrainian victims.

On Monday, the foreign secretary gave a speech during the Ukraine reconstruction conference in Lugano, Switzerland. Most of Ukraine’s top political representatives were also present at the meeting.

An estimated 120,000 Ukrainian homes have been ravaged by war and require billions of dollars for restoration and integration with the EU.

Lizz said the initiative might need legislation but not necessarily so. She is working with the Home Office and the Treasury to execute the proposition and get the specifics of it right.

The seized funds could either be reparations to the Ukrainian state or directly transferred to affected individuals. The UK can also freeze Russian assets under the Economic Crime Act for 56 days and stretch it for another 56 days.

The UK is positioning itself as Ukraine’s top ally for the recovery process and says it has already handed $1.5 billion through multilateral loan guarantees and over £100 million in bilateral support.

Truss said Ukraine’s recovery would be a symbolic victory of democracy over autocracy.

According to the Foreign Office, humanitarian assistance and demining initiatives will aid in the reconstruction of villages, towns, and cities.

In the long run, the UK will contribute its economic and financial know-how to help Ukraine become a hub for international business, investment, and cutting-edge technology.

In response to President Volodymyr Zelensky’s request, the UK will be working on the restoration of the city of Kyiv and the surrounding area.

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