Ukraine: International Conference

Debate between Lord Craig of Radley and Lord Goldsmith of Richmond Park

Tuesday 7th June 2022 Lords Chamber

[Lord Goldsmith of Richmond Park (Con)]

My Lords, the UK position has not changed. We have been providing support continuously since the beginning of this grim episode. I think it is true to say that we are the second largest contributor of military equipment and the second largest supporter of Ukraine through humanitarian efforts. We have always maintained that, although it is for Ukraine to determine the final settlement, arrangements or agreement, if such an agreement is reached with Russia, our support is unambiguously with Ukraine.

[Lord Craig of Radley (CB)]

My Lords, the Minister mentioned sanctions. What assessment have the Government made of the effectiveness of the sanctions so far imposed, and will they continue to be imposed even if there is a ceasefire?

[Lord Goldsmith of Richmond Park (Con)]

On the second point, I am afraid I cannot answer; it is not for me to discuss future policy in relation to sanctions. However, there have been a number of assessments of the effect of the sanctions. We believe that the sanctions have had an inhibiting effect in relation to Mr Putin’s ability to mobilise his forces. For example, several weapons manufacturers have had to suspend their activity as a result of lack of access to parts, and defence company capabilities have been restricted, limiting Russia’s ability to replace advanced tech, including drones. Russia’s domestic vehicle sales have dropped by around 80%, partly due to lack of components. It is also forecast that Russia’s GDP is shrinking by anything between 8% and 15% this year, with the IMF expecting its economy to shrink further next year. As I said, it is not appropriate to speculate on specific future designations as that would undermine their impact, but there is no doubt that the sanctions are having an effect.