Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022

Debate between Lord Empey and Lord Howell of Guildford

Monday 21st November 2022 Lords Chamber

[Lord Howell of Guildford (Con)]

My Lords, these measures are admirable, but can we have an analysis of how we are helping other countries around the world follow the same standards of capping or prohibiting Russian fossil fuel imports? There is evidence that a great deal of Russian oil—possibly not gas—is simply going to other markets in Asia, perhaps at a discount but in some cases at full market price, and that Russian coal is still being fairly widely exported. We would like to hear more about the full diplomatic effort that we are deploying with other like-minded countries in Asia, Europe and across the Atlantic to ensure that Russian oil and gas sales really are minimised and that the heat is being felt in Russian finances. I know that that is our intention, but the facts and figures, some of which have been touched on, do not seem to reflect that very much impact has so far been made.

[Lord Empey (UUP)]

The noble Lord, Lord Purvis, referred to £18 billion-worth of assets that have been seized. The noble Lord will be well aware of the billions that have been frozen under a United Nations resolution with regard to Libya, which have been untouched and from which victims in this country have not received any support. Is it the case that we could be seeing a repeat of that performance and that those assets will have to be managed? Perhaps investment should be improved by people in our system and then given back again whenever the conflict ends.