Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022

Lord Howell of Guildford Excerpts

Monday 21st November 2022 Lords Chamber

Finally, will the Minister explain why, although the OFSI has reported that it has received 236 reports about those in the UK breaching sanctions, only two monetary penalties have been issued? How many warning letters have been issued? Why have there been so many breach reports but so few prosecutions? Ultimately we are to wait for the Economic Crime and Corporate Transparency Bill, which is slowly progressing through Parliament. When are we likely to see it in this House? When will we get an update on the resources for Companies House and others to make sure we can start seizing some of those assets and putting them to good use?

[Lord Howell of Guildford (Con)]

My Lords, these measures are admirable, but can we have an analysis of how we are helping other countries around the world follow the same standards of capping or prohibiting Russian fossil fuel imports? There is evidence that a great deal of Russian oil—possibly not gas—is simply going to other markets in Asia, perhaps at a discount but in some cases at full market price, and that Russian coal is still being fairly widely exported. We would like to hear more about the full diplomatic effort that we are deploying with other like-minded countries in Asia, Europe and across the Atlantic to ensure that Russian oil and gas sales really are minimised and that the heat is being felt in Russian finances. I know that that is our intention, but the facts and figures, some of which have been touched on, do not seem to reflect that very much impact has so far been made.

[Lord Empey (UUP)]

The noble Lord, Lord Purvis, referred to £18 billion-worth of assets that have been seized. The noble Lord will be well aware of the billions that have been frozen under a United Nations resolution with regard to Libya, which have been untouched and from which victims in this country have not received any support. Is it the case that we could be seeing a repeat of that performance and that those assets will have to be managed? Perhaps investment should be improved by people in our system and then given back again whenever the conflict ends.