Sanctions

Nick Smith Excerpts

Tuesday 22nd February 2022 Commons Chamber

[James Cleverly]

The hon. Gentleman is right that there is a difference. Those in this House understand that there is a difference between a legislature and a Government. The sanctions regime under which those sanctions have been brought forward is an extension of the pre-existing sanctions regime we brought forward in response to the aggression going into Crimea, rather than this one.

We are also ready to introduce new legislation, putting in place new measures which will prevent the Russian state from issuing sovereign debt on the UK markets. They will curtail the ability of the Russian state and Russian companies to raise funds in UK markets and further isolate Russian banks—touching on the point raised by my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake)—and their ability to operate not just in the UK, but internationally.

This will not end today.

[Nick Smith (Blaenau Gwent) (Lab)]

I thank the Minister for giving way. The Intelligence and Security Committee report is now nearly three years old. Will the Government please publish it this week?

[James Cleverly]

That is a very good question, but it has nothing to do with this SI.

Should Russia stage any further invasion into Ukraine, we will not hesitate to implement a comprehensive and unprecedented additional package of sanctions in close co-ordination with our allies around the world. That close co-ordination is important to ensure their maximum effectiveness.