UK Sanctions Regime: Russia and Belarus

Lord Hannay of Chiswick Excerpts

Tuesday 14th November 2023 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, part and parcel of our work with the Treasury and, in particular, the Office of Financial Sanctions Implementation is, first, to ensure that we identify the actual structures being used and abused in this way to override sanctions and, then, to work directly with companies and inform them of mitigation methods that can be taken. This is ever-evolving, so, with the more sanctions we impose and the more sectors we look at, there is a lag time before they become effective. As I have already alluded to, we have identified that there will be a time lag while actions are implemented for particular sectors. I also accept that some companies act inadvertently and that we should not penalise them financially straight away; we should also look at other methods, including those we are deploying directly.

[Lord Hannay of Chiswick (CB)]

My Lords, would the Minister widen a little the response he has given so far and say what systems we have for working with the European Union so that our sanctions and their sanctions, which are very similar, are implemented in a properly concerted way and that we help each other to chase up over implementation?