In June, the UK government announced that it is working on new legislation to allow for the continuation of sanctions until Ukraine is compensated. The new legislation will also provide a mechanism for sanctioned individuals to voluntarily donate their frozen funds to aid Ukrainian reconstruction. Specific details of this legislation have not been made public, as yet.
The government announcement indicates that the legislation will focus on transparency and accountability.
It is expected that the new legislation will strengthen UK sanctions against Russia, encourage solidarity and support for Ukraine's reconstruction, and promote transparency and accountability in financial matters.
The UK’s press release can be found here.
Separately to the above, Labour MP Chris Bryant introduced a private members bill in February 2023 entitled “Seizure of Russian State Assets and Support for Ukraine Bill” providing for the confiscation of Russian state assets. The bill can be found here and the stages of the bill can be accessed here.