Letter - March 2025

[your address]

Dear [name of your MP]

You may be aware that unless swift action is taken, there is a likelihood that in July this year the approximately $300 billion in Russian state assets across various jurisdictions, including around £25.6 billion in the United Kingdom, will be returned to Russia. In order to prevent this money from financing Russia’s illegal invasion of Ukraine, and possibly other states in the future, these assets must be seized and allocated to Ukraine’s defence and reconstruction. 

Lack of political decisiveness, combined with opposition from figures such as Lord Richard Hermer, has created a perception that this issue is legally complex and might create uncertainty for investors. 

This perception is wrong, and only serves to delay decision until such time as at least one EU member votes against extending sanctions on Russia, which may be as soon as July 2025, upon which those assets will be returned to the aggressor state, including UK-held funds. 

There is already a clear route under international law to confiscate those assets and to invest them for the benefit of victims of criminal actions. A possible, and perfectly legal and practical, roadmap was laid out during a recent panel in the House of Commons organised by the New Lines Institute. 

I am aware of another relevant example:  the recent confiscation by Switzerland and return to Uzbekistan of multi-million accounts of former president’s daughter Gulnara Karimova, which will be invested via a UN trust fund into development projects. 

(For details see https://www.occrp.org/en/news/corruption-cash-frozen-in-switzerland-to-fund-development-in-uzbekistan)

Promptly seizing, rather than just temporarily freezing, those assets is a technical financial solution which does not require an act of Parliament and can be done under existing regulations by first moving those funds into a separate account. This would ensure the money does not flow back to Russia because of an oversight and allow the Parliament time to select the exact mechanism for the future use of funds. 

Given the ongoing devastation inflicted by Russia’s war on Ukraine, I urge you as my MP to request that the Prime Minister, Sir Kier Starmer, and the Chancellor of the Exchequer, Rachel Reeves, inform you on their plans for those sanctioned assets. 

As the PM and the Chancellor are working extremely hard to boost the UK’s own security, they would be very wise to stop at least £25.6 billion from boosting Russia’s war machine and to put pressure on their EU counterparts to confiscate the bulk of the frozen assets.  

Britain and its European partners have already used the interest from these assets to help Ukraine. The next logical step would be using the capital itself.

The free world must ensure that Russia, not Western taxpayers, foots the bill for Ukraine’s recovery.

Best regards,

[your name]