Queen’s Speech Debate
Full Debate: Read Full DebateLord Craig of Radley
Main Page: Lord Craig of Radley (Crossbench - Life peer)Department Debates - View all Lord Craig of Radley's debates with the Foreign, Commonwealth & Development Office
(2 years, 3 months ago)
Lords ChamberMy Lords, it is timely to make some assessment of what has been happening in Ukraine. Where may it lead?
The starkest aspect is the intensive and brutal scale of combat. Large numbers of bombs, missiles, rockets and other ammunitions have been used on both sides. Much equipment lies destroyed beyond recovery. Unless these rates much reduce, it will be possible for Ukraine to keep fighting strongly only if allies and defence industries can keep up and replenish stocks as quickly as they are used up.
The Minister stressed that the UK would keep up its supplies, so are steps necessary to put relevant defence industries on a war footing or extra shifts? More than fine promises are required. Our national defence needs must also not be neglected. What information is available to assess whether Russia will sustain its current efforts and, if so, for how long? It must keep enough to repel a NATO attack which it says it fears. Sadly, protracted conflict seems unavoidable.
In a recent debate on a Ukraine Statement, I asked whether the Government had made any assessment of the impact that economic and other sanctions might be having on the Russian war effort. This question applies even more to the effect of all these sanctions, both economically and politically, on Russia. Sanctions do not seem to have deterred or deflected Putin from combat, or from his determination to claim some substantial victory over Ukraine.
Germany and other European states still see it necessary to draw extensively on Russian oil and gas to keep their own economies going. Eliminating this dependency will take time. Russia also had $600 billion of reserves to prosecute the war and overcome the effects of sanctions. The dollar/rouble exchange rate, which halved for a short while when Russia invaded, is now back to where it was before 24 February. The overall Russian position does not seem immediately perilous.
Putin was asserting only last week that sanctions were not working—well, he would, wouldn’t he? But sanctions are not a zero-sum game, as Putin also pointed out. They will have detrimental effects on UK nationals and their businesses. Other sanctions impact on the wider public, with very unwelcome increases in the prices of fuel and electricity, maybe on inflation too.
There needs to be some form of strategic assessment of all these conflicting issues. Where does the balance of advantage lie? When there is some form of ceasefire, what easements of sanctions should be made or should seized assets be put into a great Ukrainian recovery fund? Would that be legal, or is new law required to do so? How soon could such law be enacted?
In all of this, it is vital to keep public support on side. Sanctions must be explained for their effectiveness; why, as necessary, they must be continued; and how they can help Ukraine after the conflict ends. Is this at the forefront of government thinking, their policy and pronouncements? I look for some reassurance that it is.