Written question asked by Lord Alton of Liverpool (Crossbench) on Tuesday, 12 March 2024, in the House of Lords. It was due for an answer on Tuesday, 26 March 2024. It was answered by Lord Ahmad of Wimbledon (Conservative) on Tuesday, 26 March 2024 on behalf of the Foreign, Commonwealth and Development Office.

Ukraine: Reconstruction

Question: To ask His Majesty's Government what assessment they have made of the wide range of estimates for the reconstruction of Ukraine; what action they have taken to confiscate Russian assets to contribute to reconstruction costs; and what estimate they have made of the value of those assets.

Answer: As the Government has made very clear in parliament and through collective statements at the G7, Russia should pay for the damage it has caused. The World Bank calculates total recovery and reconstruction needs at $486 billion. The UK will remain a credible partner on this by assuring ourselves of the safety, robustness and legality of any proposal to make use of Russian assets to support Ukraine. Since the Russian invasion of Ukraine between February 2022 and October 2023, cumulatively £22.7 billion of Russian assets have been reported frozen due to UK financial sanctions regulations.

Secondary information