Derek Twigg
Main Page: Derek Twigg (Labour - Widnes and Halewood)Department Debates - View all Derek Twigg's debates with the HM Treasury
Russia: UK Companies
Derek Twigg Excerpts(2 years ago)
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James Cartlidge
We have set out precisely that with the commitments that the Prime Minister made in March, when he was Chancellor, on the desire to see businesses divesting from Russia. The hon. Member for Eltham (Clive Efford) is aware that there have been many high-profile public cases of firms divesting, and other colleagues have spoken of companies in their constituency. They all use the phrase that the shadow Minister used, which is “doing the right thing,” and I totally agree. Ultimately, that is why we have our very strong sanctions regime.
Derek Twigg (Halton) (Lab)
I congratulate my right hon. Friend the Member for Barking (Dame Margaret Hodge) on securing this important urgent question, and I associate myself with the calls for generators for Ukraine. For Putin to be defeated, and for him to know that he will be defeated, it is essential that there remains rock-solid support for Ukraine from the UK and the west. Not only is that about defence materiel, military equipment and humanitarian aid, but it means ensuring that no British company, for whatever reason and in whatever way, benefits Putin’s regime. The Minister mentioned a desire to achieve certain things, but a desire is not enough, so will he go away and look again at what more can be done in legislation—if necessary, through new legislation—to ensure that that situation stops, and will he make a statement to the House next week?
James Cartlidge
We always keep our sanctions regime under review. In particular, we are looking with our international partners at what more can be done on illicit finance and so on. [Interruption.] The hon. Member talks about desires, but these very strong sanctions are having an impact in practice on Russia’s economy. We are sanctioning 1,200 individuals and 120 entities. We have already heard reports of frozen assets worth £18.4 billion. What matters above all—this is what he wants—is that we stand with the people of Ukraine and show that we support them. No country, other than the United States, has done more than we have, and we should be proud of what we have done. I absolutely guarantee that the Government will work night and day to keep supporting the people of Ukraine in the wake of this terrible invasion.