Liz Truss considering confiscating Russian assets in UK to give to Ukraine
July 4, 2022, 10:18 am

Liz Truss considering confiscating Russian assets in UK to give to Ukraine

Liz Truss/Official Facebook page

UK foreign secretary Liz Truss has said that her country wants to follow the example of Canada and seize the assets of Russians in the UK in order to give them to Ukraine.

It comes as the foreign secretary is due to give a speech on Monday (July 4) to a Ukraine reconstruction conference in Lugano, Switzerland, which will be attended either in person or virtually by most of Ukraine’s senior political leadership, the Guardian reported.

It is estimated that more than 120,000 homes in Ukraine have been destroyed during the Russian invasion, creating the need for billions in income to restore the country economically and make it a Europe-faced economy.

Truss told MPs last week she was supportive of the idea that the government could seize frozen Russian assets in the UK and redistribute them to victims of Russia’s war in Ukraine.

She said: “I am supportive of the concept. 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.”

She said the initiative would “most probably” need legislation but not necessarily.

The funds seized could be supplied either to individuals in a form of reparations or to the Ukrainian state. At present the UK can suspend Russian assets under the Economic Crime Act for 56 days and roll over the suspension for a further 56 days. In that period the owner of the asset cannot benefit from the asset in any way.

Ukraine army denies claims Lysychansk is ‘encircled’

In her speech to the conference, Truss will claim the UK will position itself as Ukraine’s key partner in the recovery process and claim it has already offered $1.5bn to the country through multilateral loan guarantees and more than £100m in bilateral support.

She will say: “Ukraine’s recovery from Russia’s war of aggression will be a symbol of the power of democracy over autocracy. It will show [Vladimir] Putin that his attempts to destroy Ukraine have only produced a stronger, more prosperous and more united nation.

“The UK is resolute in its support of Ukraine’s territorial integrity and will remain at Ukraine’s side as it emerges as a strong, thriving and cutting-edge democracy. We have led on support for Ukraine during the war and will continue to lead in supporting the Ukrainian government’s reconstruction and development plan.”

UK and France vow to support Ukraine in war for freedom

The Foreign Office said: “Humanitarian assistance and de-mining programmes will help rebuild villages, towns and cities, and in the longer term the UK will share economic and financial expertise to transform Ukraine into a global hub for investment, enterprise and cutting-edge technology. The UK will champion the recovery of the city of Kyiv and the Kyiv region, on the request of President Volodymyr Zelenskiy.”

Source: theguardian

Jordan reveals cause of Aqaba port Chlorine gas leakage Covid-19: 1.7 million locked down in China's Anhui province

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.