Russia: Sanctions

Lord Walney Excerpts

Tuesday 1st February 2022 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

On the noble Lord’s last point, I suppose I should declare an interest: I am a property owner in London and the south-east. In all seriousness, without going into too much detail, as I said—and I know that the noble Lord, Lord Purvis, had to leave, but I recognise the courtesy extended by his note to me—we are looking at the broader impact, as the noble Lord indicated.

On the issue of engagement in Washington, I assure the House that we have been engaging on the front foot. Let us not forget that we have been engaging on this issue longer than the current US Administration. We have always made the case as strong partners of Ukraine—one can ask Ministers present and past in the Ukrainian Government. I have sat with a number of them at the United Nations who have indicated their strong support, not through us asking them, but quite genuinely, for the leadership the United Kingdom has showed in solidarity, support and friendship for Ukraine.

[Lord Walney (CB)]

My Lords, the House will understand when the Minister says that it is not in the Government’s gift alone to remove Russia from the SWIFT financial system, but he can say, can he not, if they believe it would be a proportionate measure, if the invasion of Ukraine goes ahead?

[Lord Ahmad of Wimbledon (Con)]

My Lords, I know the noble Lord is probing me for more details, but I shall not say any more. I am fully aware of the sensitivity and impact where such steps are taken. As noble Lords will have followed, and as I sought to inform those on the other three Benches in your Lordships’ House, the broader nature of what we can do once the legislation is effected will allow us to sanction organisations and individuals much more broadly and at direct cost to those entities which are Russian or which are owned by Russian entities and operating within the UK.