Russia: Sanctions

Nickie Aiken Excerpts

Monday 31st January 2022 Commons Chamber

[Elizabeth Truss]

I had hoped that the hon. Lady would welcome the package of tough sanctions that we are introducing today. In fact, that is what our allies across the world are saying.

[Nickie Aiken (Cities of London and Westminster) (Con)]

I thank the Foreign Secretary for her statement. She is absolutely right that we need to widen the breadth of sanctions on Russia to reflect the reality on the ground. In my constituency those realities are very clear to see—the dirty money invested week in, week out. Can she assure me that this Government will follow through on the legislation and ensure that the financial and professional services involved will be held to account, and that we follow a “banks and tanks” strategy in fighting corruption and Russia’s aggression towards Ukraine and across Europe?

[Elizabeth Truss]

We have taken steps to deal with illicit finance and corrupt elites through the Criminal Finances Act 2017 and our anti-corruption sanctions regime. I have already talked about the commitment to introduce legislation through the economic crime Bill. Today is about showing that the UK is ready with a package of severe sanctions that can target any organisation or individual who is remotely linked or of economic significance to the Russian state, showing there will be nowhere to hide in the event of an incursion into Ukraine. This is about making sure that those economic consequences are as severe as possible. My hon. Friend makes excellent points on the broader issue, but today we are talking about deterring Vladimir Putin from an incursion into Ukraine.