Ukraine

Chris Bryant Excerpts

Monday 28th April 2014 Commons Chamber

[Mr Hague]

Yes. Indeed, that should be of more concern to Russia than any sanctions we impose on individuals. The Russian economy is already slow-growing, certainly compared with our own. It has slowed further in recent months and it is possible, as I mentioned in my statement, that it will shrink this year. Every time Russia destabilises Ukraine, it is destabilising its own economy and reducing its own economic prospects, which will bring serious long-term consequences for Russia.

[Chris Bryant (Rhondda) (Lab)]

Most of the sanctions thus far have been targeted at individuals and the Foreign Secretary earlier announced more targeted sanctions by the United States of America against individuals. Is there not a real danger that all that will do is unite and cement the Putin regime and bind its members more to one another and to the Russian people? It would be far more productive to have serious economic and financial sanctions that affect the whole of the Russian economy.

[Mr Hague]

The hon. Gentleman makes a good case for that. We have those more far-reaching sanctions in preparation. It is very important to keep like-minded countries together on this—that is a major consideration for us. That means the whole of the European Union and G7 acting together. It is certainly the majority consensus opinion that targeted sanctions—followed later, if necessary, by the more far-reaching measures—is the way to do this. Hon. Members on both sides of the House have advocated taking more far-reaching measures now, but I think on balance it is right to stick to the calibrated approach that I advocate and that the right hon. Member for Coventry North East (Mr Ainsworth) has commented on. It makes it clear to Russia that such measures will follow a further serious escalation of this crisis.