Lib Dems call for emergency legislation on Monday to seize Russian assets and support Ukraine

EMBARGO: 22:30 Sunday 2 March

The Liberal Democrats have called on the government to bring forward emergency legislation on Monday in Parliament to begin the seizure of frozen Russian assets and support Ukraine.

It comes as Keir Starmer hosts a meeting of European leaders and Ukrainian President Volodymyr Zelenskyy in London today to discuss defence cooperation and support for Ukraine.

Approximately $300 billion of Russian assets have been frozen across the G7 and the EU, with at least £25 billion being held in the UK alone. Liberal Democrat Leader Ed Davey warned a failure to act now to seize these assets to support Ukraine would be “unforgivable”. 

The Liberal Democrats are urging the Government to secure the passage of legislation to seize Russian assets through Parliament as quickly as possible - pointing to the example of fast-track legislation which has been used in the past to respond to major international events such as the coronavirus pandemic.

Liberal Democrat Leader Ed Davey said:

“We are on the verge of a historic betrayal of Ukraine by the United States. It’s clear we cannot rely on Donald Trump to defend Ukraine or uphold Europe’s security.

“The Government should table emergency legislation in Parliament on Monday, to seize the tens of billions of pounds worth of Russian assets in our country and use them to support Ukraine.  

“Time is of the essence to support our Ukrainian friends in their fight against Putin’s brutal forces. Failure to act now would be unforgivable.”

ENDS

Notes to Editor:

Reporting on the value of frozen assets can be found here.

Information on fast-tracked legislation can be found here.

On Tuesday, Foreign Secretary David Lammy said that the Government should “move from freezing Russian assets to seizing them”, in response to a question from Liberal Democrat MP Alison Bennett. 

In January 2025, Parliament adopted a motion calling on the Government to report back to the House on ways to legally seize the frozen Russian assets, in a debate secured by Lib Dem MP Mike Martin.