Countering Russian Aggression and Tackling Illicit Finance
Debate between Amanda Milling and Jonathan Edwards(2 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Amanda Milling
The hon. Lady is very lucky to be looking at her mobile phone. I am not looking at my mobile phone; I am fairly focused on the debate in hand. [Interruption.] I am going to focus on the sanctions that we announced yesterday and the statutory instrument that the House approved.
To go back to my last point, no UK individual business will be able to deal with them until they have returned to Ukrainian control.
Amanda Milling
I will make progress, if the hon. Gentleman does not mind. I think I have been pretty generous so far.
Over the coming weeks, we will extend the territorial sanctions imposed on Crimea to territory occupied by Russian forces in the so-called breakaway republics of Donetsk and Luhansk. We will also sanction those Members of the Russian Duma and Federation Council who voted to recognise the independence of Donetsk and Luhansk, in flagrant violation of Ukraine’s territorial sovereignty.
This will not be the end. Yesterday’s announcement was just the start of our upward ratchet.
Amanda Milling
If the hon. Gentleman does not mind, I would like to make a little progress.
That package of sanctions will include measures to stop the Kremlin’s access to UK financial markets for sovereign debt, which means the Russian Government will be unable to access UK services to raise capital through the issuing and trading of sovereign debt. These measures will curtail the ability of the Russian state, and Russian companies, to raise funds on our markets, and will further isolate Russian banks’ ability to operate internationally. We will also introduce measures to limit Russia’s ability to trade internationally, and to degrade the development of its military industrial base for years to come. We will keep ratcheting up the pressure, targeting more banks, elites and companies that are of significance to the Kremlin.
Amanda Milling
I will give way to the hon. Member for Carmarthen East and Dinefwr (Jonathan Edwards), because he has been quite persistent.
Jonathan Edwards
I am grateful to the Minister. Is there not a danger that the UK has taken a peashooter to a bazooka contest? As we are targeting a few individuals and a few peripheral banks, the Kremlin can sit back and allow oil and gas prices to rise, which will hit every single household in the UK.
Amanda Milling
I thank the hon. Gentleman for his intervention, and also for his persistence. As I have said, this is the first tranche of measures, and we are prepared to go further.
In conclusion, as we have shown consistently in recent years, and in recent days, the UK takes the threat of international illicit finance, including that from Russia, extremely seriously. We have taken decisive action to demonstrate that corrupt elites and individuals who seek to exploit our financial systems to hide their illegitimate wealth are not welcome in the UK, and we can and will go further to ensure that the UK is safeguarded from these threats.