Russia: Sanctions

Layla Moran Excerpts

Monday 31st January 2022 Commons Chamber

[Elizabeth Truss]

My right hon. Friend is absolutely right. That is why the UK is supplying support from the high north through to the Baltics and through to the Black sea, backing up NATO as the largest defence spender of all the European NATO allies. That is being recognised. Contrary to what those on the Opposition Benches say, that is being recognised by our allies in the Baltic, by our allies in eastern Europe, and by our allies in Ukraine.

[Layla Moran (Oxford West and Abingdon) (LD)]

We cannot sanction what we cannot see, and while I welcome this statement, I would like some clarity on whether this new legislation will finally include a register of beneficial owners for overseas entities. The Foreign Secretary will know that many of these oligarchs hide their money, particularly in UK property. The press release from the FCDO says that it is going to leave Russia “nowhere to hide”, so is that loophole finally going to be closed?

[Elizabeth Truss]

The legislation we are putting forward is about being able to target entities and individuals that are of strategic or economic interest in the Russian state. We are broadening it out much more widely than before, when we would have been able to apply sanctions only to those who were actively destabilising Ukraine. We can target asset freezing, and we can target the ability to enter the UK of those individuals and entities. The register of interests that the hon. Lady is talking about is part of the economic crime Bill that is being brought forward by the Treasury, and the Prime Minister has committed to that happening this year.