Russia: Sanctions

Lord Foulkes of Cumnock Excerpts

Tuesday 21st May 2024 Lords Chamber

[Lord Cameron of Chipping Norton (Con)]

That is an excellent question. I will double check, but my understanding is that we are trying to track this shadow fleet wherever it goes, and use that information so that countries can use environmental legislation, insurance legislation and other legislation to confiscate shipments and stop them moving. That must be the case in our overseas territories, but I will double check that it is so.

[Lord Foulkes of Cumnock (Lab Co-op)]

The Secretary of State is quite wrong that it is in other capitals that the Russians have the greatest investment. The greatest Russian investment is here in London; it is in property, and in Abramovich’s sale of Chelsea FC—all that money is here. The Secretary of State said at the previous Question Time, as he has said before, that he wants to do something about this, but he is doing nothing about it. The European Union is calling for action; at the last meeting of the Council of Europe, I took part in a debate where the Council of Europe almost unanimously asked the United Kingdom to do something about it. Why is he not doing it? What legal obstructions or impediments are stopping him taking real action?

[Lord Cameron of Chipping Norton (Con)]

We have taken real action: we have sanctioned 2,000 individuals and entities under the Russia sanctions regime, over 1,700 of which were sanctioned since the full-scale invasion. We have taken huge steps. The point I would make is that there is a difference in scale, even with the riches of Abramovich—and we will come on to that—between the individuals who we have sanctioned and the Russian sovereign assets that are invested in things such as Euroclear and central banks in Europe and elsewhere. There is a difference in scale, and that is why the windfall interest from them is so important. On the issue of Abramovich, we are doing everything we can to try to make sure that this massive amount of money, which is in trust, can start flowing into Ukraine for the benefit of Ukrainian people and Ukrainian charities. It is a complicated issue—I can go into more detail if the noble Lord would like—but we are working very hard on it.