Russia: Sanctions

Lord Howell of Guildford Excerpts

Tuesday 21st May 2024 Lords Chamber

[Lord Cameron of Chipping Norton (Con)]

The noble Baroness makes a good point. There has been an effect on Russian revenue because of the price cap, but a lot of sales are still going through, using shadow tankers, and into other markets. One thing we are trying to do here to make sure that refined product does not leak back into the UK is to make sure that all importers of oil and oil products into the UK provide proof of origin to relevant enforcement authorities to demonstrate that the goods are not of Russian origin. We will do that, but, as I said in my earlier answer, there is probably more we can do with other countries and allies to chase down this shadow fleet wherever we can.

[Lord Howell of Guildford (Con)]

It is of course true that the revenues for Russia from all fossil fuel exports are down considerably. However, against that, crude oil on the high seas is going up, for the simple reason that Russia cannot export processed products and therefore is concentrating on crude oil. Would it be possible to get directly at the swarm of ships on the high seas that the noble Lord, Lord West, pointed out to us by pressing to reduce the price cap from $60 to $30? That would at one stroke reduce Russian revenues and reduce the possibility of these leaky and dangerous ships wandering around the globe.