Russia: UK Companies

Baroness Kramer Excerpts

Thursday 8th December 2022 Lords Chamber

[Baroness Penn (Con)]

I hope the noble Lord will understand if I do not comment on the specific case in the Chamber, but if he writes to me, I will look at Hansard and get back to him in writing on that point.

[Baroness Kramer (LD)]

My Lords, do the Government agree that private citizens in the UK should follow the example that is being urged on British businesses and sell any shares they have in businesses that still operate in Russia?

[Baroness Penn (Con)]

My Lords, that is an individual decision for people to take. Where individuals have found themselves invested in companies that are subject to sanctions, the Office of Financial Sanctions Implementation has issued some general licences to facilitate the divestment of those shares where individuals need to do so.

--- Later in debate ---

[Baroness Penn (Con)]

The UK operates its sanctions regime and will continue to have conversations with all Crown dependencies, overseas territories and others.

[Baroness Kramer (LD)]

My Lords, the Minister will be well aware that one of the ways in which members of the Russian oligarchy became resident in Britain was through the use of the “golden visa” mechanism. The Government have undertaken a review of that but, as I understand it, Parliament has not seen it. Could she tell us when we can expect that report to be published?

[Baroness Penn (Con)]

I do not have that information with me, but I can take it back to the department and write to all noble Lords.