International Banking: Payments

Baroness Wheatcroft Excerpts

Thursday 28th November 2024 Lords Chamber

[Lord Livermore (Lab)]

The answer to the noble Lord’s first question, in terms of whether we consider them effective, is yes. In the case of Russia’s invasion of Ukraine, these measures have dramatically reduced Russia’s access to global financial markets and weakened its ability to finance its illegal invasion of Ukraine. Russia’s increasing reliance on North Korean and Iranian weapons highlights the impact these sanctions have had. We will pursue any necessary steps with our allies to maintain and reduce opportunities for the circumvention or evasion of international sanctions.

[Baroness Wheatcroft (CB)]

My Lords, does the Minister agree that a sensible use of the sanctions now might be to seize the money that has been taken and sanctioned from the Russian regime and give it to the Ukrainians now, while they can use it?

[Lord Livermore (Lab)]

That is very much the spirit that lies behind the Financial Assistance to Ukraine Bill, which will shortly be before your Lordships’ House. The Financial Assistance to Ukraine Bill provides spending authority for the UK to implement our commitment to the G7 Extraordinary Revenue Acceleration Loans to Ukraine scheme, a landmark agreement which provides a collective £50 billion to Ukraine.