Ukraine’s reconstruction needs are – and will be – immense. The foreign secretary, James Cleverly, said: “As Ukraine continues to defend itself against Russia’s invasion, the terrible impacts of Putin’s war are clear. Some Russian oligarchs have been signalling they would be prepared to give some money to Ukraine if their assets were released. It follows efforts by an all-party group of peers who have tabled an amendment to the economic crime and transparency bill currently in its report stage in the Lords, though ministers believe there are legal difficulties to the amendment and would prefer to table their own laws next year.įurther sets of measures will require individuals to disclose if they hold Russian sovereign assets in the UK and make it easier for Russians under sanction to have their assets voluntarily transferred and handed to Ukraine to help secure its recovery. New measures will also require a designated person to disclose all the assets they hold in the UK, with a failure to comply leading to a fine or a seizure. ![]() ![]() The UK is the first government to take these initial steps and accepts they may take time to resolve and require consultation. The new laws will change the purpose of sanctions so that they will be maintained until Russia agrees to pay compensation, rather than merely protecting Ukraine’s territorial integrity, the current purpose of the sanctions. The UK stressed that the new laws did not amount to forfeiture and could only be imposed if there was evidence of criminal conduct. The laws go some way to ensuring that Russian assets currently frozen by the UK government can in effect eventually be seized, a move that many western powers have rejected on the basis that it could set a precedent for western assets held overseas to be seized by other countries. The warning comes as the UK announced it was introducing laws to allow ministers to maintain sanctions on Russian assets until compensation is paid to Ukraine, so introducing a route for frozen Russian assets to be donated for Ukrainian reconstruction. It says a new G7-established multi-agency donor platform “has not yet corralled donor countries – each with their own safeguarding procedures and anti-corruption reform initiatives for Ukraine – into agreement on policy reform priorities”. Beyond the executive branch, the parliament and the judiciary remain penetrated by powerful, unaccountable and obscure private interests.” “In the face of those realities, continuing to uproot oligarchy – a critical part of winning the war, rebuilding the country and preparing for EU accession – will require heavy domestic and foreign support. “Ukrainian oligarchs are biding their time until after the war to reassert their influence,” says the report, partly written by former US officials involved in Ukrainian anti-corruption reform. Members of Ukrainian civil society feel they have been sidelined at the conference, which will be dominated by the private sector and international politicians. ![]() The report, published before the UK government-led Ukraine recovery conference takes place in London, argues that Ukraine is fighting a two-front war to defeat Russia and to permanently embed the rule of law.
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