Russia: Sanctions

Lord Collins of Highbury Excerpts

Thursday 3rd March 2022 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

I agree with the noble Lord. There has been unprecedented action to work with our allies in applying sanctions. This underlines the effectiveness of the sanctions: we are able to work together with those countries or jurisdictions, such as the EU, which also have sanctions policies. The noble Lord raises a valid point about what more can be done. We will be debating the laying of further sanctions later today. Further sanctions on Belarus have also been announced—there will be legislation in that respect.

On the specific question of the Commonwealth, I am engaging directly with key partners. We secured a great deal of support from Commonwealth partners at the UN General Assembly vote. Yesterday, we saw 141 nations of the UN General Assembly vote in favour of the Ukraine resolution. That is no small feat.

I will turn to the important issues of China and India. China abstained and did not veto the resolution twice over. India obviously has a long-established relationship with Russia. However, I assure noble Lords that we are working very closely with our Indian partners to also encourage them to reflect on the current situation. As we have seen, they are also extremely challenged by the exodus of Indian students from Ukraine. I assure the noble Lord that we are working very closely with India, and other partners, in this respect.

[Lord Collins of Highbury (Lab)]

My Lords, the Minister used the term “ratchet up”. No doubt, he would have heard a solicitor on the radio this morning talking about the potential risk of asset flight. He said that he was advising his clients, if they had not been sanctioned, to get their money out now. What is the Minister’s response to that? I heard the Minister on the radio say that it was all part of a programme, but speed is of the absolute essence here. We need faster action and, possibly, emergency powers.

[Lord Ahmad of Wimbledon (Con)]

The Government have been responding, and expediting legislation. In this regard, as I have said before, I am grateful to the usual channels for accommodating these requests. Looking through my own commitments and those of the noble Lord, in the coming days, we will be speaking quite specifically on the legislation being laid.

I agree that the issue of asset flight is an important consideration. This is why we are reluctant to make announcements in advance, particularly those regarding individuals and organisations. As we know, there are individuals who are taking actions based on what has already happened. Equally, we need to ensure that every sanction imposed is legally robust and tested. This is an important part of our sanctions policy and those of international partners. There are those who may respond to our sanctions by sanctioning individuals, because their legal framework is not as strong ours. It is important that any sanction we impose—be it on an individual or an organisation—is fully tested and robust in its application.