Sanctions

Iain Duncan Smith Excerpts

Monday 28th February 2022 Commons Chamber

[Elizabeth Truss]

I can indeed assure the hon. Lady that that is exactly what we are doing. We have a very large team of people working through our hit list of oligarchs, and we are also looking at their properties and their ownership of yachts. We have already grounded their private jets. My right hon. Friend the Business Secretary will make a statement immediately after this about the economic crime Bill, which will give greater transparency to the opaque corporate structures operated by some of these people and organisations, and will bring much more clarity and sunlight.

[Sir Iain Duncan Smith (Chingford and Woodford Green) (Con)]

I congratulate my right hon. Friend and all the team on their robust leadership in the course of this. It has brought a great deal of cheer in Ukraine.

My right hon. Friend also spoke about chasing the oligarchs. We should remind everyone that the oligarchs are mostly in possession of Putin’s own personal fortune, which is in the order of $200 billion to $250 billion, squirrelled away through their accounts. However, my right hon. Friend will be slightly hamstrung, because although we pursue the oligarchs and their money, it is still not an offence for those who have worked with them—their lawyers, their estate agents and all the others—to fail to yield the information about what deals they have done. Will she now, in the Bill, make it mandatory for all those in the chain immediately, when someone is sanctioned, to pass that information up directly, or they will themselves be committing a criminal offence?

[Elizabeth Truss]

My right hon. Friend has made a very good point. We are looking at what we can do to target the families of oligarchs, the people who work for them, the people who support them and the people who enable them, because ultimately all these people are supporting the Putin regime, and we ultimately need to stop the financing of that regime.