Ireland: Russian Naval Military Exercises

Baroness Smith of Newnham Excerpts

Wednesday 23rd February 2022 Lords Chamber

[Lord Goldsmith of Richmond Park (Con)]

I do not think there can be any doubt about the extent of the package set out yesterday. We are out in front by sanctioning 275 individuals, placing restrictions on banks worth around £37 billion, and under the measures that Parliament has already approved, we can target any Russian entity or individual. It is the most far-reaching piece of legislation of its kind. The key is for us to proceed in lockstep with our allies to simultaneously pressure Russia from all angles. Our unity is critical. As the Prime Minister said earlier, we have prepared, ready to go in the event of further aggression, an unprecedented package of further sanctions, including wide-ranging measures targeting the Russian financial sector and trade.

[Baroness Smith of Newnham (LD)]

My Lords, the Chancellor of Germany made a major statement yesterday about Nord Stream 2. If Her Majesty’s Government are trying to act in lockstep, should not the sanctions against Russians in London, and other sanctions be of a similar magnitude to those introduced by Germany?

[Lord Goldsmith of Richmond Park (Con)]

My Lords, we greatly welcome the announcement from Germany—indeed, the Government have long argued against the project proceeding for precisely the reasons that have now become clear. We are clear that yesterday’s announcement in the UK represents the first wave of sanctions, which target some of the individuals and entities closest to the Kremlin. We are co-ordinating with our allies around the next steps, and we will continue to work with our partners to build the most powerful set of financial sanctions ever imposed on any major economy.