Sanctions

Debate between Stephen Doughty and Layla Moran

Tuesday 1st March 2022 Commons Chamber

[Stephen Doughty]

I completely agree about the need for effectiveness. A point has been made today about the slow pace of the designation of some individuals and entities. The Government have rightly talked about moving in lockstep with our allies, particularly in the EU, yet we still seem to be off pace in naming individuals—we seem to be moving more slowly. Some of the individuals that we have mentioned have already been sanctioned by the US and others for years or do not have significant assets in the UK. We need to ensure that our measures are meaningful, immediate, effective, deep and robust, and that individuals are not now sweeping their money and assets out of the UK.

[Layla Moran (Oxford West and Abingdon) (LD)]

What I found a bit disappointing about the Minister’s speech was its tone. We are all on the same side and trying to help, but there is still a question: why are we lagging behind? Is it that the legislation needs strengthening—I hope the Minister can see that across the House we are willing to work weekends to do that with the Government—or is it something else? He has not adequately explained why we still have not sanctioned individuals who are named by other jurisdictions.

[Stephen Doughty]

The hon. Lady makes an important point. The Minister can be assured of our co-operation in getting these measures through quickly. He has already heard some suggestions for ways in which we might name individuals more quickly; I hope we will hear back from him about them.

We believe that we need to go further to widen financial and banking sectoral measures beyond Sberbank. My second question is about whether the Minister can explain why measures on corresponding banks have not been applied to all Russian financial institutions today, rather than just to Sberbank. Indeed, we understand that the measures have been expanded to include sovereign debt. The Opposition have called for that to apply to UK subsidiaries of entities as well. Will the Minister confirm the position?