Sanctions: Russian Individuals

Lord Hain Excerpts

Thursday 25th April 2024 Lords Chamber

Asked by

[Lord Hain]

To ask His Majesty’s Government what plans they have to review sanctions against Russian individuals in the light of President Putin’s re-election and the continuing war in Ukraine.

[The Minister of State, Foreign, Commonwealth and Development Office (Lord Ahmad of Wimbledon) (Con)]

My Lords, the United Kingdom is at the forefront of international sanctions against Russia, and takes a carefully targeted and rigorous approach to weaken Mr Putin’s war machine and to demonstrate our unyielding support for Ukraine. Together with our international partners, we have unleashed the largest, most severe package of sanctions ever imposed on a major economy. We keep all our sanction designations under review, but we do not comment on future sanction plans.

[Lord Hain (Lab)]

Notwithstanding that, does the Minister agree that President Putin is successfully driving forward his barbaric attacks on Ukraine by managing to dodge sanctions, despite the UK Government-imposed measures he has described—including a price cap to curb his profit from Russian oil exports? There is mounting evidence that most Russian oil exports exceed that cap, and Putin seems to be getting all the income he needs to fuel his war economy. More targeted action is surely desperately needed. Will the Government now sanction the insurers—many of which are UK-based—of vessels transporting Russian oil above the cap, and also sanction owners of the ports hosting those vessels? Will the Minister try to get all our allies to do the same?

[Lord Ahmad of Wimbledon (Con)]

My Lords, on the noble Lord’s final point, as he will know, we are working very closely with our key allies, particularly the G7, on ensuring how we can have more effective implementation of sanctions and how we can address the issue of the circumvention of sanctions. As I am sure the noble Lord would acknowledge, we have seen successes; $400 billion-worth of money has been denied to the coffers of the Russian Government to allow them to continue their illegal war against Ukraine.

The noble Lord mentions specific issues around the oil cap. As he knows, we have banned the import of Russian oil and oil products into our markets. We have also created the oil price cap, to limit the price at which Russia can sell its oil and products globally. We are working with key countries to improve the issue of the circumvention of sanctions. Indeed, as noble Lords will know, my noble friend the Foreign Secretary was in central Asia during the week, and that was one of the key points that he raised during his conversations with Governments across central Asia.