UK MNE defends legislation freezing Russian assets

The British government announced this week that it would introduce proposed legislation that would allow Moscow to maintain financial sanctions against Russia until it pays reparations to Ukraine.

The legislation would allow the government to keep sanctions in place, changing the scope of sanctions imposed on Russia since a military invasion of Ukraine in 2022.

“UK domestic law gives us the power to continue to freeze the assets of sanctioned individuals until appropriate compensation is paid,” he told a press conference at the International Recovery Conference for Ukraine (URC 2023) in London between today and Thursday.

According to Wise, Ukraine’s reconstruction is “a direct result of Russia’s wholesale, unprovoked and illegal occupation, which directly targets civilian and energy infrastructure in flagrant violation of international humanitarian law”.

“It is absolutely right that we explore all legal avenues, both domestically and internationally,” he argued.

Wise said the UK would “work closely” with its international partners to “share experiences and (…) ensure international coordination (…) to maximize the effects and impact of sanctions”.

The president of the European Commission, Ursula von der Leyen, promised today to present a plan on what to do with frozen Russian financial assets before the summer break during the conference.

Last May, G7 leaders pledged to freeze sovereign assets until Russia pays for damages it has done to Ukraine.

Speaking to reporters today on the sidelines of the conference, French Foreign Minister Catherine Colonna said Western countries continue to seek a solution to frozen Russian assets, but there are still unresolved legal issues. .

“Since December last year, the European Commission has been in charge of analyzing the possibility of fully or partially using frozen Russian assets to be used in the reconstruction of Ukraine,” he said.

According to Colonna, “there is a logic to paying damages to the country that caused the damage”.

URC 2023 has more than a thousand registered participants from at least 60 countries, of which about 40 are at ministerial level, heads of international organizations, representatives of civil society and business leaders.