European Council

Richard Ottaway Excerpts

Monday 10th March 2014 Commons Chamber

[The Prime Minister]

I think that I answered that question pretty comprehensively in response to my right hon. Friend the Father of the House. Of course, any country that wants to can hold a referendum under its constitution—that is what constitutions are able to deliver—but it has to be fair and legal. It is quite clear—everybody agrees, except the Russians—that this referendum is illegitimate, illegal and will not be recognised by the international community.

[Sir Richard Ottaway (Croydon South) (Con)]

With the so-called referendum due to be held on Sunday, time is not on our side. Now that Russia is far more integrated into the world economy, the most effective short-term pressure that can be applied is financial and economic, but we should not be looking just at national assets. Does the Prime Minister agree that Russian banks and corporations that are contemplating taking over Ukrainian assets in Crimea should be warned that if they go down that road, they will be denied access to western financial institutions?

[The Prime Minister]

My right hon. Friend makes an important point. The three-phased approach sets out that if there are further Russian moves on eastern Ukraine or to further destabilise Ukraine, we as the European Union would be prepared to bring forward a range of economic and other sanctions which, as it states in the European Council conclusions, would cover a broad range of areas. Nothing is off the table. Of course, these things are never easy for democracies to carry out. It was pointed out at the meeting that some countries might suffer more with energy sanctions, some with financial sanctions, and some more with defence sanctions. As the European Union, and as member states, we must consider what steps would be necessary to send a clear message to Russia. My right hon. Friend’s point is a good one.