Ireland: Russian Naval Military Exercises

Lord Collins of Highbury Excerpts

Wednesday 23rd February 2022 Lords Chamber

[Lord Goldsmith of Richmond Park (Con)]

Ireland is a hugely important ally, and we continue to work closely across a number of security and defence interests, and there have been many exchanges in recent days, weeks and months. On 6 January, the Minister for Foreign Affairs, Minister Coveney, spoke about sanctions, the risk of escalation and the need for a united Europe. Concerning Russia, Minister Coveney assured the Foreign Secretary that the EU would support a very robust response. The UK’s integrated review sets out our foreign and security priorities with Ireland, including the common travel area, upholding the Good Friday agreement and protecting the prosperity and stability of Northern Ireland, and the peace process. This is obviously a sensitive time in UK-Ireland relations, but we deeply value that relationship, and we are working closely with Irish counterparts in a range of areas of common interest.

[Lord Collins of Highbury (Lab)]

My Lords, acting in lockstep with our allies is not just about punishing Russian aggression. It is also about protecting our interests, so could the Minister tell us when we will see stronger targeting of systems, rather than people? When will we see the reform of Companies House to make it fit for purpose? When will we see a register of overseas owners of UK properties? And when will we see a strong economic crime Bill?

[Lord Goldsmith of Richmond Park (Con)]

I do not think there can be any doubt about the extent of the package set out yesterday. We are out in front by sanctioning 275 individuals, placing restrictions on banks worth around £37 billion, and under the measures that Parliament has already approved, we can target any Russian entity or individual. It is the most far-reaching piece of legislation of its kind. The key is for us to proceed in lockstep with our allies to simultaneously pressure Russia from all angles. Our unity is critical. As the Prime Minister said earlier, we have prepared, ready to go in the event of further aggression, an unprecedented package of further sanctions, including wide-ranging measures targeting the Russian financial sector and trade.