Russia: Sanctions

Lord Bellingham Excerpts

Tuesday 1st February 2022 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, I know the noble Lord is probing me for more details, but I shall not say any more. I am fully aware of the sensitivity and impact where such steps are taken. As noble Lords will have followed, and as I sought to inform those on the other three Benches in your Lordships’ House, the broader nature of what we can do once the legislation is effected will allow us to sanction organisations and individuals much more broadly and at direct cost to those entities which are Russian or which are owned by Russian entities and operating within the UK.

[Lord Bellingham (Con)]

My Lords, in the event of general economic sanctions being applied—obviously, let us hope that the diplomatic measures that the Minister outlined will bear fruit—given that Russia and Ukraine between them produce one-third of the world’s wheat supply, we will probably see a massive hike in the price of wheat. What assessment have the Government made of the impact of that on UK food prices, and what contingencies are being put in place to find alternate supplies?

[Lord Ahmad of Wimbledon (Con)]

My Lords, my noble friend raises a very important point. I think the implications of any sanctions and support are well recognised. I point my noble friend specifically to the steps we have taken just now in support of Ukraine directly, which will be impacted in the first instance, and the new funding I alluded to earlier, looking specifically at the issue of Russian energy supplies. That indicates the seriousness with which the UK recognises the impact of such sanctions.

However, it is important that Russia understands very clearly and unequivocally that its actions of not just taking but retaining territory, annexing territory, as it is threatening to do now further in Ukraine are firmly unacceptable, not just to us but to our allies and the world community generally. Therefore, it is in Russia’s hand to reflect on what is being said, but this is serious. This is a serious point in the crisis, and it is therefore important that we engage diplomatically and directly. That is why my right honourable friend the Prime Minister and the Foreign Secretary have said directly to their respective counterparts that they wish to meet to discuss with them. One hopes that the diplomatic channel will bear fruit.