Oral Answers to Questions

Jonathan Reynolds Excerpts

Tuesday 28th October 2014 Commons Chamber

[Mr Speaker]

Order. I am sorry not to have accommodated more colleagues on question 7, but both questions and answers have been extremely long.

[Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)]

8. What assessment he has made of the effectiveness of EU sanctions against Russia in encouraging a change of approach by that country towards eastern Ukraine.

[The Secretary of State for Foreign and Commonwealth Affairs (Mr Philip Hammond)]

EU sanctions are having a clear impact on Russia’s economy. Capital flight has increased, and Russian access to western financial markets is severely constrained. Sanctions are estimated to have slowed GDP growth by 1%, and to have contributed to the rouble’s falling by 20% against the dollar since 1 January. The fall in the oil price is piling further pressure on the Russian economy.

[Jonathan Reynolds]

What is the Foreign Secretary’s considered assessment of the relationship between the dependence of some of our European partners on Russian energy supplies, and the effectiveness and robustness of the sanctions that we have pursued against Russia?

[Mr Hammond]

The sanctions are robust. I think that the important relationship is between the dependence on Russian energy supplies and the robustness of the position of some of our partners on the question of maintaining those sanctions. Fortunately, the sanctions that are in place will last until March or May, depending on the type of sanction involved, before any opportunity arises to debate their renewal or otherwise. That means that, at the very least, we shall get through the winter with the sanctions in place.[Official Report, 3 November 2014, Vol. 587, c. 6MC.]