In April, after Russia’s illegal invasion of my country, German authorities seized the Dilbar while it was docked in Hamburg. They moved to act because the owner is Alisher Usmanov, a Russian oligarch who was once estimated to be the richest man in the UK. After the invasion, Mr Usmanov, who co-owned Arsenal Football Club, was placed on Western sanctions lists because of his close ties to Vladimir Putin, the Russian president. The US Treasury said his ties to the Kremlin “enrich him and enable his lavish lifestyle”. It is not yet known what will happen to Dilbar. Legions of lawyers are reportedly now involved. But for Ukraine, it is very clear. The superyacht and all 1,000 sofa cushions should be confiscated from Mr Usmanov for his ties to a Russian regime that raped, tortured and murdered Ukrainians during an unprovoked war that has tilted the world on its axis. The proceeds of the sale should be immediately transferred to the Ukrainian people, who have suffered a flagrant violation of international peace and security. The sale of the £650 million Dilbar could help support the 13 million Ukrainians forced from their homes after the Russian invasion. It could help support the 4.8 million jobs in Ukraine that were lost during the war – 30 percent of our total workforce. It could also help support the more than six million people in Ukraine who struggle every day to access drinking water. But it is not only the German authorities who can act against Mr Usmanov.
Canada takes the lead against Russian oligarchs
Our friend Boris Johnson may also introduce new laws to seize his vast British property, which reportedly includes Beechwood House in north London, worth around £48 million, and the 16th-century Sutton Place estate in Surrey. worth around £34 million. He reportedly put them into trusts earlier this year, but we’d argue he still effectively owns them. The well-paid Western dynamists these kleptocrats employ will no doubt argue that property ownership is a fundamental right that has underpinned mature democracies for centuries. Unfortunately for them, one of the most advanced economies on Earth has already shown the way. Canada has recognized that Ukraine and the world are facing a new era that requires new and innovative solutions. Last month, its parliament passed ground-breaking laws allowing for the freezing and confiscation of Russian assets located in Canada. They can then be transferred to help “rebuild a foreign state … adversely affected by a flagrant breach of international peace and security.” Announcing the law, Chrystia Freeland, the country’s finance minister, did not hide the motivations. “We think it’s very important to expand our legal authorities because it will be very, very important to find the money to rebuild Ukraine,” he said. “I can’t think of a more appropriate source of that funding than seized Russian assets.” Ukraine welcomes the courageous decision of the Canadian Parliament. We also call on other Western leaders, including Canada’s G7 partners, to enact the same laws. We will discuss this and other possible measures on Monday at an international conference on Ukraine’s post-war economic reconstruction in Switzerland, where we will call for a new Marshall Plan. Our need is essential. The Russian invasion has caused a massive disruption of economic activity. The damage caused by destroyed roads, bridges and livelihoods is currently at £100 billion and rising. When the guns fall silent, the World Bank estimates the final bill could reach £1 trillion.
Amid the carnage and trauma, hope still remains
Yet amidst the carnage and trauma, hope still remains. If Ukraine receives the same global economic support as Germany did after World War II, then we can use this terrible conflict as a unique opportunity. Not only to recover war-related damages, but to enhance economic development and quality of life in Ukraine. The Marshall Plan sparked 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 are starting 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 help us. And at an estimated £234 billion, the Bank of Russia’s reserves, currently frozen in Western accounts, would be a decent start. Andriy Yermak is the head of the Office of the Ukrainian President.
