Ukraine, Syria and Iran

Ben Wallace Excerpts

Monday 24th February 2014 Commons Chamber

[Mr Hague]

I will make that important point to the authorities in Ukraine when I visit. Britain has a lot to offer when it comes to well-functioning legal systems that create confidence in the rule of law and in property rights, which encourages investment. I can assure my hon. Friend that I will be making that point.

[Mr Ben Wallace (Wyre and Preston North) (Con)]

Further to the question from the right hon. Member for Blackburn (Mr Straw), UK banks are often intimidated by extraterritorial US congressional sanctions on any business with Iran, even if those transactions are licensed by the Treasury and are in accordance with EU sanctions requirements. If we are to meet our Geneva accord obligation, I urge the Foreign Secretary please to do more than just leave it to commercial decisions and proactively to nominate a UK bank to handle future EU and Iran humanitarian transactions, in the same way that the French and German Governments have done.

[Mr Hague]

As my hon. Friend knows, and as I said to the right hon. Member for Blackburn (Mr Straw), there are explicit exemptions, but he is well aware of that point. As he and the right hon. Gentleman have raised it, I will certainly look at it again.