Sanctions

Debate between Liam Byrne and Elizabeth Truss

Monday 28th February 2022 Commons Chamber

[Elizabeth Truss]

We have seen the acts of incredible bravery from the Ukrainian population and Ukrainian politicians, including President Zelensky, who has led from the front. It is absolutely inspiring. Our message across the House today should be that however long it takes, however difficult it is and whatever difficulties we have economically, they cannot compare to the sheer hell that the people of Ukraine are going through. We will be with them through thick and thin, until Putin loses and until the sovereignty and territorial integrity of Ukraine are restored.

[Liam Byrne (Birmingham, Hodge Hill) (Lab)]

The whole House will welcome the Foreign Secretary’s ambition this afternoon, but can we speed up the process of hitting the people on the hit list? There are 23 people on the EU sanctions list who are not on the UK sanctions list as of this morning. The ban on trading in state bonds is in place in Europe, but not in the UK. The ban on import and export from breakaway regions is in place in Europe, but not in the UK. The asset freeze and travel ban on Duma members is in place in Europe, but not in the UK. The asset freeze and travel bans in place in Europe number 22, but there are just eight in the UK announced in the past few days. What further power and resources does the Foreign Secretary need for us to catch up with our American and European allies?

[Elizabeth Truss]

We are leading from the front. For example, we are banning clearing from Sberbank, which the EU is not doing at the moment. We are freezing more bank assets. We have advocated the SWIFT ban, and we want to get all our allies to agree to a SWIFT ban, but this is not a competition between us and our allies; this is a concerted endeavour, where all of us are doing all we can as quickly as we can to show unity and to deliver a massive hit to the Russian economy. The House will have seen the drop in the rouble today, and the impact that this unity is having. I strongly encourage colleagues across the House to support our package, which is unprecedented in United Kingdom history, and to put pressure on more countries to join us, but there are areas where we are going a lot further than our allies. There are some areas where they have gone further than us. We need to continue to make progress together. That is what sends a strong message to Putin.