CONSERVATIVE
New Forest East

FOREIGN AFFAIRS – ACCRUAL OF INTEREST ON THE ASSETS OF SANCTIONED RUSSIANS - 27 June 2023

FOREIGN AFFAIRS – ACCRUAL OF INTEREST ON THE ASSETS OF SANCTIONED RUSSIANS - 27 June 2023

Sir Julian Lewis: I am grateful to my hon. Friend for giving way, and I apologise for missing the opening of the debate. Has any consideration been given to what should happen to the interest or other income generated by those assets during the period that they are frozen? Surely, even if the assets are not seized in the end, their owners should not benefit from anything that the assets earn during that frozen period.

[Mr Jonathan Djanogly: My right hon. Friend makes a different but important point. That aspect has been pursued by the European Union; in fact, I believe that it set up a committee a month or two ago to look at that very point. I think it is a very good idea, and we should certainly be pursuing it. Obviously, all these sanctioned assets cost money to keep – flats have to be maintained; boats have to be maintained – and we should be using income from these assets at least to pay for the maintenance of them, if not to get income that we can then give to Ukraine. He makes a very good point. ...]