International Banking: Payments

Lord Skidelsky Excerpts

Thursday 28th November 2024 Lords Chamber

[Lord Skidelsky (CB)]

My Lords, the noble Lord, Lord Collins, stated in this House on 15 October:

“Sanctions … are a crucial tool to weaken Russia’s ability to attack Ukraine”.—[Official Report, 15/10/24; col. GC 21.]


After nearly three years of sanctions, do the Government still consider them to be an effective tool, especially in the light of the evasions which have been mentioned earlier in the debate? I call upon the Government yet again to give an undertaking to publish their assessment of the effectiveness of the sanctions regime, so we can have an evidence-based debate on the subject rather than being fobbed off with mere assertion.

[Lord Livermore (Lab)]

The answer to the noble Lord’s first question, in terms of whether we consider them effective, is yes. In the case of Russia’s invasion of Ukraine, these measures have dramatically reduced Russia’s access to global financial markets and weakened its ability to finance its illegal invasion of Ukraine. Russia’s increasing reliance on North Korean and Iranian weapons highlights the impact these sanctions have had. We will pursue any necessary steps with our allies to maintain and reduce opportunities for the circumvention or evasion of international sanctions.