Dilbar is one of the largest superyachts in the world. The 512-foot-long ship weighs almost 16,000 tons and features a swimming pool, two helipads, a sauna, a beauty salon and a gym. According to the US Treasury, it is worth around £650 million.
In April, following Russia’s illegal invasion of my country, German authorities seized the Dilbar while it was docked in Hamburg.
They started operating because the owner is Alisher Usmanov, a Russian oligarch who was once considered 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 “enriched him and enabled his lavish lifestyle”.
It is not yet known what will happen to Dilbar. Legions of lawyers are now reportedly involved.
But for Ukraine it is very clear.
The superyacht and all 1,000 of its sofa cushions are to be confiscated from Mr Usmanov because of his links to a Russian regime that has raped, tortured and killed Ukrainians in an unprovoked war that has tilted the world on its axis.
The proceeds of the sale must be immediately transferred to the Ukrainian people, who suffered a gross violation of international peace and security.
The £650m sale of Dilbar could help support the 13 million Ukrainians who have been forced from their homes since the Russian invasion.
This could help support the 4.8 million Ukrainian jobs that were lost during the war – 30 percent of our entire workforce.
It can 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 is leading the way against Russian oligarchs
Our friend Boris Johnson may also introduce new laws to seize his vast British property empire, which reportedly includes Beechwood House in north London, worth an estimated £48 million, and the 16th-century Sutton Place mansion in Surrey, worth an estimated £34 million pounds. He reportedly put them into trusts earlier this year, but we’d say he still effectively owns them.
The well-paid Western aides employed by these kleptocrats will no doubt argue that property 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 recognized that Ukraine and the world are facing a new era that requires new and innovative solutions. Last month, its parliament passed groundbreaking laws allowing for the freezing and confiscation of Russian assets located in Canada.
They can then be transferred to assist in the “rehabilitation of a foreign country… adversely affected by a gross breach of international peace and security.”
Announcing the law, Chrystia Freeland, the country’s finance minister, did not hide the motivation.
“We think it’s really important that we expand our legal authority because it’s going to be really, really important to find money to rebuild Ukraine,” she said. “I can think of no more appropriate source of this funding than seized Russian assets.”
Ukraine welcomes the bold decision of the Canadian Parliament. We also call on other Western leaders, including Canada’s G7 partners, to adopt the same laws.
We will discuss this and other potential measures on Monday at an international conference on Ukraine’s post-war economic recovery in Switzerland, where we will call for a new Marshall Plan.
Our need is significant. The Russian invasion caused a massive disruption of economic activity. The damage caused by destroyed roads, bridges and livelihoods is currently £100 billion and rising. When the guns fall silent, the World Bank estimates the final bill could be as high as £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 financial support as Germany after World War II, then we can use this terrible conflict as a unique opportunity. Not only to repair war-related damage, but to stimulate economic growth and quality of life in Ukraine.
The Marshall Plan sparked a post-war economic boom in Germany. The same could 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 spanning defense, metals, machinery, energy, agriculture and technology.
We just need our friends and allies to lend us a hand. And at an estimated value of £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.
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