Russia: Sanctions

Lord West of Spithead Excerpts

Tuesday 1st February 2022 Lords Chamber

[Lord West of Spithead (Lab)]

My Lords, the Minister will be aware that our agencies have a very good idea already about where certain money is, who has it and who it belongs to in these chains, particularly with their links to the City and the people they talk to. Can the Minister assure me that we have been monitoring very closely any movements of money and changes of pattern, because the Russians will be very aware that this is about to happen? Can he also confirm that, as a number of noble Lords have said, we are in a position to move and to hammer these people the moment that this happens, rather than having to wait two or three years for legislation? We are able to do things like that if we put our minds to it. The great joy is that, as a member of the ISC, in two years I will be able to see all the evidence of whether anyone was doing that.

[Lord Ahmad of Wimbledon (Con)]

My Lords, of course the Government take these issues very seriously. Often when we talk about sanctions, we talk about where the Government may be looking to sanction an individual or an organisation, and we resist, for the very reasons that the noble Lord illustrates. Giving any intimation or indication of who or what company may be targeted will lead to funds being withdrawn, if assets are held in the United Kingdom. Therefore, we look to be informed by our agencies across the piece, but it is also important to look to the application of law. There are many wise heads within your Lordships’ House on this very issue. We ensure that the letter of the law is applied fairly to any action that the Government may take. Before such a measure is taken, the background and supporting evidence is considered very carefully at a cross-government level. The noble Lord refers to various agencies, and we have some of the best—arguably the best in the world. Their contributions are important to any final decision that the Government take.