Question
I learnt a great deal during my trip to Ukraine last month. I learnt that the Ukrainians see themselves as Europeans, that they know who their friends are and that they are incredibly grateful to Britain, but that they are also very disappointed as they hit this very difficult winter. We know that they will need about £90 billion to get through it. There are £200 billion-worth of Russian assets frozen in Europe; what can we in Britain do to ensure that those assets are unlocked and used in Ukraine? Might one answer be to lead by example? Is there something we can do about the £25 billion-worth of Russian assets that we have in the UK and—as we head towards the anniversary of Abramovich’s being told that he had to hand them over—the £2.5 billion-worth of Chelsea assets?
Answer
My right hon. Friend always speaks a good deal of sense on these questions. In response to the fundamental point, let me repeat what I said in an earlier answer: we are determined to tackle the issue of Russian sovereign assets. As my right hon. Friend may know, there is a renewed push in the EU to take action on it, and I have said to my EU counterparts that we are determined to act with them. That brings me to the broader point that she raised. Russia is seeking to test our resolve on Ukraine, and we must show that we will absolutely stand with the Ukrainian people until they prevail. There are a number of elements in that, but one of them is the financial question, and we are determined to act.40% vibes
Verdict: RED (22/100)
The reply engages with the broad subject of Russian sovereign assets and says the Government is determined to act, but it is mostly hedged. It does not name a concrete mechanism for unlocking the roughly £200 billion held in Europe, and it does not say whether the roughly £25 billion held in the UK will be unlocked or what the UK will do itself. It does not address the approximately £2.5 billion from the Chelsea Football Club sale at all, so the asker would likely need to follow up on each of these points.
How we got there
| Question item | Coverage | Specificity | Rationale |
|---|---|---|---|
| What steps can the UK take to ensure that the approximately £200 billion of frozen Russian assets held in Europe are unlocked and used for Ukraine? | Partially Addressed | Hedged | The reply engages with the subject of Russian sovereign assets and the EU-level push to act on them, but names no concrete mechanism or step for unlocking the roughly £200 billion held in Europe; it offers only statements of determination to act with EU counterparts. |
| Will the Government lead by example by taking action to unlock the approximately £25 billion of Russian assets held in the UK so that they can be used for Ukraine? | Partially Addressed | Hedged | The reply says the Government is determined to tackle Russian sovereign assets generally, but never states whether the roughly £25 billion held in the UK will be unlocked or what the UK itself will do, so the 'lead by example' question is left without a clear answer. |
| What action can the Government take regarding the approximately £2.5 billion of proceeds from the sale of Chelsea Football Club assets? | Not Addressed | Generic | The reply makes no mention of the approximately £2.5 billion of Chelsea Football Club sale proceeds or any action that could be taken on them. |