Sanctions

Marsha De Cordova Excerpts

Monday 28th February 2022 Commons Chamber

[Elizabeth Truss]

Yes, I completely agree with my right hon. Friend.

[Marsha De Cordova (Battersea) (Lab)]

Many of my constituents are affected by the war in Ukraine. Like me, they recognise the need for the toughest possible sanctions on Russia. The Foreign Secretary’s statement is welcome, but it does not go far enough. What steps is she taking to ensure that sanctions are imposed on the extraction and technology industries?

[Elizabeth Truss]

I announced today that export controls will apply to critical technologies, which will make it much harder to invest in the oil and gas industry, the technology industry and, of course, the military-industrial complex in Russia. The hon. Lady is right that the fundamental issue here is that Putin is reliant on oil and gas revenues, which is where we need to work with our G7 partners. Continental Europe is predominantly dependent on oil, gas and coal from Russia, and we need to help it to reduce that dependency so that Putin has nowhere to source his funds. That is what we are doing through the G7.