UK mulling seizure of Russian assets to give to Ukraine

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British Foreign Secretary Liz Truss
British Foreign Secretary Liz Truss

Read also: Ireland freezes more than EUR 1.7 billion worth of Russian assets

Canada's Senate on June 24 passed Prime Minister Justin Trudeau's budget, adopting a long list of measures including a two-year ban on foreign home buyers and the power to confiscate and sell assets seized in response to Russia's invasion of Ukraine.

Read also: 12.5 billion euros of Russian oligarch assets frozen by EU

The 450-page Bill C-19 passed the upper chamber 56-to-16 without any changes, and will become law after Royal Ascent, a formality.

"I am supportive of the concept," Truss told MPs last week.

Read also: Ukrainian prosecutors seize assets linked with former defense minister’s family

"We are looking at it very closely. The Canadians have in fact just passed legislation This is an issue that we are working on jointly with the Home Office and the Treasury, but I certainly agree with the concept. We just need to get the specifics of it right."

The UK foreign minister said the initiative would "most probably" need legislation but not necessarily.

Read also: $420 million of Russian oligarch’s Ukrainian assets frozen by court order

Ukrainian President Volodymyr Zelenskyy said in May that Ukraine proposes that its partners sign an agreement on the payment of compensation to victims of Russian aggression from confiscated or frozen assets of the aggressor country.

He said that Ukraine was working to ensure that Russia compensates for everything destroyed in Ukraine.

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