The seized funds could be transferred both to individuals in the form of reparations and to the Ukrainian state.
The UK wants to follow Canada’s example and confiscate the Russians’ assets to give them to Ukraine.
This was stated by the Minister for Foreign Affairs of the United Kingdom Liz Truss, reports The Guardian .play video
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She says she supports the idea that the government could confiscate frozen Russian assets in the UK and hand them over to the victims of the Russian war in Ukraine.
“I support this concept. We are looking at it very carefully. Canadians have actually just passed a law. This is an issue that we are working on together with the Department of the Interior and the Department of the Treasury, but I certainly agree with the concept. We just need to get it right in detail,” Truss said.
She noted that for the implementation of this initiative, it would most likely be necessary to adopt appropriate legislation, but not necessarily.
The seized funds could be transferred both to individuals in the form of reparations and to the Ukrainian state. The UK can now freeze Russian assets under the Economic Crimes Act for 56 days and extend the freeze for another 56 days. During this period, the owner of the asset cannot benefit from the asset in any way.
As UNIAN reported earlier, Western countries blocked or froze the assets of Russians under sanctions in the amount of more than $30 billion . Also frozen assets of the Central Bank of Russia in the amount of about 300 billion dollars.
The Russian Elite, Proxies and Oligarchs (REPO) working group is also actively working to make it impossible to circumvent sanctions, and is working with the private sector and other countries to promote the effective implementation of sanctions.