Oral Answers to Questions

Matt Western Excerpts

Tuesday 8th March 2022 Commons Chamber

[Virginia Crosbie (Ynys Môn) (Con)]

2. What recent legislative steps her Department has taken to help strengthen the sanctions regime against Russia.

[Matt Western (Warwick and Leamington) (Lab)]

21. What assessment she has made of the impact of UK sanctions imposed to date on (a) individuals and (b) entities associated with the conflict in Ukraine.

[The Secretary of State for Foreign, Commonwealth and Development Affairs (Elizabeth Truss)]

Together with our G7 allies, we have put the toughest sanctions on Russia in our history. We have sanctioned 228 individuals and entities. Our bank sanctions target £259 billion-worth of assets, compared with £240 billion by the US and £34 billion by the EU. We have also targeted more defence companies, cut access to British ports and closed airspace. Yesterday, this House passed new legislation to speed up the sanctioning of oligarchs, and from next Tuesday we will be able to do all of them.

--- Later in debate ---

[Elizabeth Truss]

My hon. Friend is right. The west can no longer be reliant on Russian oil and gas. We need to end dependency by agreeing ceilings with our G7 partners, agreeing a timetable for reduction and helping through price support and supply support those countries that are very dependent. Of course, nuclear and renewable energy will play a vital role in moving forward.

[Matt Western]

Targeted sanctions are critical if we are to avoid significant collateral economic damage. However, despite what the Government may claim, the facts speak for themselves. According to Castellan AI, the total number of sanctions placed on Russia since 2014 by country is as follows: the US, 1,200; Canada, 900; Switzerland, 800; the EU, 766; and the UK, just 271. This is not leadership, is it? Why are the Government so slow?

[Elizabeth Truss]

We have led on cutting Russia off from SWIFT. We have led on closing our airspace and closing our ports. If we look at the total financial impact—the aim here is to debilitate the Russian economy—we can see that the sanctions we have put on banks, defence, aviation and oligarchs add up to £364 billion. In the US, they add up to £340 billion, and in the EU, they add up to £124 billion. We have to look at the overall financial impact, and it is much higher for the UK than for our allies. Of course we encourage them all to do more, and we need to work together.