Oral Answers to Questions

Chris Stephens Excerpts

Tuesday 22nd March 2022 Commons Chamber

[Gavin Newlands (Paisley and Renfrewshire North) (SNP)]

4. What recent discussions he has had with Cabinet colleagues on seizing the assets of sanctioned Russian oligarchs.

[Chris Stephens (Glasgow South West) (SNP)]

12. What recent discussions he has had with Cabinet colleagues on seizing the assets of sanctioned Russian oligarchs.

[Deidre Brock (Edinburgh North and Leith) (SNP)]

19. What recent discussions he has had with Cabinet colleagues on seizing the assets of sanctioned Russian oligarchs.

--- Later in debate ---

[James Cartlidge]

Everybody can be incredibly confident that the UK has acted swiftly to execute the biggest package of sanctions ever imposed against a G20 nation. Let us be clear that the UK has designated more than 1,000 individuals, entities and subsidiaries under the Russia sanctions regime since the invasion, including President Putin and Foreign Minister Lavrov. More than 3 million Russian companies are barred from raising money on UK capital markets. We will also target more than 500 members of the Duma and Federation Council. That makes up the largest and most severe package of economic sanctions Russia has ever seen.

[Chris Stephens]

Given the rushed nature of legislation as the Government play catch up with EU states, for example, there have been reports that further measures will be required to close remaining loopholes exploited by oligarchs. What discussions have taken place around that, and will the Minister confirm that further legislation should be expected in this coming year?

[James Cartlidge]

The hon. Gentleman is right that we need to legislate effectively and that is why we will take time to get the detail right on property while prioritising further action as far as we can. To be clear, in the past week the Government have passed the Economic Crime (Transparency and Enforcement) Act 2022, established a register of beneficial ownership, and sanctioned more than 1,000 individuals and entities. The Deputy Prime Minister explained in answer to the first set of questions the action he is taking at the International Criminal Court to ensure that it can fully investigate Russian war crimes, but I accept that more might need to be done.