Sanctions

Kevin Brennan Excerpts

Monday 28th February 2022 Commons Chamber

[Elizabeth Truss]

This really pertains to a number of questions that have been asked. What we are doing in building up our evidence cases about the oligarchs is sharing information with our G7 allies, so we are working together and getting that information quicker. That work is already under way. That taskforce already exists. Of course, alongside the legal services, the public relations services and the accountancy services, we will look at the insurance services that these oligarchs rely on. This is all about being able to do this quicker, because every single country has the same issue. The US takes time to build up cases against oligarchs because generally their organisations are so complex and opaque. The work that my right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy is doing on the Economic Crime Bill will also help to make it easier for us to understand their corporate structures.

[Kevin Brennan (Cardiff West) (Lab)]

I think all of us, particularly those of us who were Members of the House in September 2001, realise that a page has been turned in world history and a new chapter has begun that will resonate not just now but for many years. The important thing is our shared values, and the way that we respond in the months and years to come. On the specifics of the Foreign Secretary’s statement, she said that over 50% of Russian trade is denominated in dollars or sterling, but so that the House can understand the impact of our Government’s actions, how much of Russian trade is denominated in sterling?

[Elizabeth Truss]

I do not have that figure on me, but I can get it to the hon. Gentleman. The point that I was making is that the action that we have taken on clearing is in conjunction with the United States, so between us we are able to cover 50% of that trade.