Russia: Trade

Debate between Lord Grimstone of Boscobel and Lord Kilclooney

Tuesday 28th July 2020 Lords Chamber

[Lord Kilclooney (CB)]

My Lords, having spent a month travelling between Moscow and St Petersburg, I recognise how important Russia is to the future of Europe, especially with the advance of China. Trade is one way of improving relations between Russia and the United Kingdom. Can the Minister say that real trade, excluding energy products, is increasing between the United Kingdom and Russia? Will he confirm that, as a result of Brexit, Russia will be a priority in our new trade agreements?

[Lord Grimstone of Boscobel]

My Lords, trade between Russia and the UK is broadly stable. Our objectives for Russia are driven by our Russia strategy, which holds that trade and investment can be a lever for stabilising relations, increasing prosperity, supporting deeper ties and binding Russia to the rules-based international order. There are no plans at present to attempt to negotiate a free trade agreement with Russia.