Seize Russia’s ill-gotten assets to rebuild Ukraine
Dilbar is one of the world’s largest superyachts. The 512-foot vessel boasts a swimming pool, two helicopter pads, a sauna, a beauty salon, and a gym. According to the US Treasury, it is worth around £650m.
In April, after Russia’s illegal invasion of my country, the German authorities seized Dilbar in Hamburg. The owner is Alisher Usmanov, a Russian oligarch once estimated to be the richest person in the UK. Following the invasion, Mr Usmanov, who used to co-own Arsenal Football Club, was placed on Western sanctions lists because of his close ties to Vladimir Putin. The US Treasury said his links to the Kremlin “enrich him and enable his luxurious lifestyle”.
It is not yet known what will happen next. Legions of lawyers are thought to be involved. But for Ukraine, it is very clear. The superyacht and all of its 1,000 sofa cushions should be confiscated from Mr Usmanov for his links to a regime that has raped, tortured and murdered Ukrainians in an unprovoked war, which that has tilted the world on its axis.
The proceeds should be immediately transferred to the Ukrainian people, who have suffered a gross violation of international peace and security. The sale could help support the 13 million citizens dispossessed since the Russian invasion, or the 4.8 million Ukrainian jobs that have been lost during the war – 30 per cent of our overall workforce. It could also help to support more than six million people in Ukraine who each day struggle to access drinking water.
But the German authorities aren’t the only ones who can act. Our friend Boris Johnson can also bring in new laws to confiscate Usmanov’s sprawling UK property empire, which reportedly includes Beechwood House in north London, worth an estimated £48m, and 16th-century Sutton Place estate in Surrey, worth an estimated £34m. He reportedly put them into trusts earlier this year, but we would argue he still effectively owns them.
The well-paid Western enablers employed by these kleptocrats will doubtless argue that property ownership is a fundamental right underpinning mature democracies. Yet one of the most advanced economies on Earth has already shown the way. Earlier this month, the Canadian parliament passed groundbreaking laws allowing for the freezing and confiscation of Russian assets located in Canada, to assist with Ukrainian reconstruction.
Ukraine welcomes this courageous decision. We also call on other Western leaders to enact the same laws. This and other measures will be discussed tomorrow at an international conference in Switzerland where we will be calling for a new Marshall Plan.
Our need is substantial. Russia’s invasion has halted economic activity. The damage caused by destroyed infrastructure and livelihoods is at £100billion and rising. When the guns fall silent, the World Bank estimates the final bill could be as high as £1 trillion.
Yet amid the carnage and trauma, hope still remains. If Ukraine receives the same global financial support as Germany after the Second World War, then this terrible conflict could become a unique opportunity. Not just to recover damages, but to turbocharge economic growth and quality of life.
The Marshall Plan triggered a post-war economic boom in Germany. The same can happen in Ukraine. By joining the European Union, we can also integrate Ukraine into global value chains and information networks.
In many ways, we start from a position of strength. Ukraine already has strong industries covering defence, metals, machinery, energy, agriculture and technology. We just need our friends and allies to give us a helping hand. And at an estimated value of £234billion, the Bank of Russia’s reserves, currently frozen in Western accounts, would be a decent starter.