PACE VP proposes to seize Russian oligarchs' assets to pressure Putin
Photo: Vice-President of the Parliamentary Assembly of the Council of Europe, Lord Don Touhig (parliament uk)
Vice-President of the Parliamentary Assembly of the Council of Europe, Lord Don Touhig, believes pressure must be increased on Vladimir Putin's inner circle by confiscating their personal wealth. These funds should be used to rebuild Ukraine, he says in an interview with RBC-Ukraine.
He believes that the personal wealth of Russia's leaders should be targeted. “The people who run Russia are very rich. They've got rich on the backs of hard-working Russians.”
According to Touhig, the will of these people is based on their wealth. “Because their wealth gives them the power. And I think we should do much more in terms of not just seizing the assets of these people, but using them, using them to rebuild Ukraine, using them to give money to Ukraine, to support Ukraine,” he said.
Why it could work
The politician stressed that such an approach would make Putin's entourage worry about their property. “This is what they're about. The fact that they've got power over a country is a bonus. But I don't think we're doing enough to cause them grief and pain and to worry about their wealth,” he added.
Touhig is convinced that one decisive step could cause panic among the elite. “It will be difficult, of course, it will be difficult. But you just need one breakthrough, and then they start to panic, and then they start to worry,” he said.
Mechanisms and risks
Lord acknowledges that the process will be difficult and will encounter legal and political obstacles. He pointed out that officials may be wary of sending negative signals to investors. "If I look at the United Kingdom, I can just imagine that officials in the Treasury, perhaps, in London, would be saying, you know, be careful about seizing someone's assets because X, Y, Z, people, companies will not want to invest in Britain."
However, in a war situation, there is little choice. “But in these circumstances, I think we have no choice but to go and seize their valuables, their money, their power, their assets,” he said.
Public and private assets
The politician insists that both public and private assets must be targeted. Go for the state. But also, the power of these individuals is their wealth. Go for the individuals,” Touhig said.
He called for practical ways to implement such measures. "Work at it. Find ways to do it. It can be done."
Call for political will
Lord Don Touhig stressed that decisive political will and governments willing to take responsibility are needed. “You have to have governments that are going to say, 'We are going to do this.” He doubts that such determination currently exists in Europe.
Touhig calls for continued pressure and demonstrating that Putin's associates are being targeted. “And make sure they know we're going to go for them,” he added.
Reparations from Russia
According to the EU plan, Ukraine will begin receiving reparations from Russia in 2026. They will be formalized as a $140 billion EU “loan” from frozen Russian assets.
Roksolana Pidlasa, chair of the Verkhovna Rada's budget committee, said that the reparations loan from frozen Russian assets could become the main source of support for Ukraine in 2026.
