Ukraine

Bob Stewart Excerpts

Tuesday 25th January 2022 Commons Chamber

[The Prime Minister]

I thank the right hon. Gentleman for his very important point. I think actually we are making a huge amount of progress. I want to thank my right hon. Friends the Foreign Secretary and the Defence Secretary for the work that they are doing, because I think we are bringing together the west on a very tough package, and that is what we need.

[Bob Stewart (Beckenham) (Con)]

I remind the House that we do actually guarantee the sovereignty of Ukraine, having signed the Budapest memorandum in 1994, along with the United States and Russia, and I think later France, and even China. Does my right hon. Friend agree that if we really economically and financially strangle Russia with sanctions, Russia could well become bankrupt, and that alone might be something to cause Mr Putin to blink before he gives agreement to using military power and turning it into military force?

[The Prime Minister]

My right hon. Friend is completely right that we have the potential—the potential—to do very serious economic damage to Russia. What we have to make sure of, as everybody said on the call last night, is that we do not inflict damage on the western economies just as people are suffering in particular from high gas prices. That is what we have got to do. Do not forget, it is quite right to say that 41% of Russia’s GDP comes from oil and gas.