Russia: Sanctions

Lord Browne of Ladyton Excerpts

Tuesday 1st February 2022 Lords Chamber

[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.

[Lord Browne of Ladyton (Lab)]

My Lords, like other Members of this House, I support the sanctions that were announced in this Statement. It is crucial that we do not undermine the steps that our Government are taking to get the message to the Russians. The problem is that if the Russians read the international press today, they will get a very different message. The headline in the Washington Post is:

“Britain, the tough-on-Russia ally, is being undermined by London”.


On Bloomberg.com it is:

“‘Londongrad’ Undermines U.K.’s Tough Talk on Russia Sanctions”.


In the Sydney Morning Herald—with the Secretary of State having just come back from there after a very important visit—it is:

“Billions parked in ‘Londongrad’ undermines Britain’s tough talk on Russia sanctions”.


We can impose sanctions on all of the people identified in this very welcome Statement, but we will not be able to seize their assets because we do not know who owns the assets. If we have to wait until 2023 to have a register that allows our Government to know who owns the assets, then these sanctions will deter no one.

[Lord Ahmad of Wimbledon (Con)]

My Lords, London already operates a public register. When I referred to 2023, that was in the context of our overseas territories. We already have a scheme for OTs, called the exchange of notes, which the noble Lord will be aware of. I know directly through its operation, and through speaking to, for example, tax authorities and crime agencies, that they are able to access the necessary information. However, I agree with the noble Lord that there is more to be done on this issue. I outlined some of our plans for greater transparency at Companies House to show greater levels of ownership. I assure the noble Lord that the broadening of what we are seeking to do through the legislation proposed will allow us to target individuals and organisations quite specifically and to freeze their assets as well.