Oral Answers to Questions

Debate between Tom Randall and Anne-Marie Trevelyan

Thursday 21st April 2022 Commons Chamber

[Anne-Marie Trevelyan]

The Treasury is looking closely at all those questions. Indeed, they are also the subject of discussions that I have had in some detail with my counterparts in the US and other nations. Thanks to the leadership that the UK offered at COP26, the question of how we manage these global questions is now right at the centre of all discussions. The EU is putting forward proposals, and I will continue to work with the Treasury as we think about how the UK wants to fit with that. If the hon. Gentleman wants more detail and information, I refer him to the Treasury.

[Tom Randall (Gedling) (Con)]

12. What assessment she had made with Cabinet colleagues of the effectiveness of UK sanctions on Russia in reducing international trade with that country.

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[The Secretary of State for International Trade (Anne-Marie Trevelyan)]

I am very busy today, Mr Speaker. In co-ordination with our allies, we are introducing the largest and most severe economic sanctions that Russia has ever faced, to help cripple Putin’s war machine. We are denying Russia most-favoured-nation treatment relating to hundreds of key products, ramping up the pressure on Russia’s economy by making it more difficult for it to trade by imposing punitive tariffs of 35%. We are prohibiting the export of certain goods, including critical technologies and luxury goods, and finally we are also phasing out the import of Russian oil and coal to deny it access to lucrative energy revenues. Details can be found in the impact assessment on gov.uk.

[Tom Randall]

I am grateful to my right hon. Friend for that answer. Last week I visited Poland with Conservative colleagues as part of Project Maja, the Conservative social action project. It included a visit to the Russian border, and what is usually a very busy border crossing with lots of commerce on both sides was, obviously, eerily quiet. The economic impact of this war is going to be long lasting for the neighbours in that region for some time, so does my right hon. Friend agree that it is important that we do all we can to boost trade with them?

[Anne-Marie Trevelyan]

I thank my hon. Friend for his commitment to our eastern European neighbours and allies. This is an incredibly difficult time for all of them, not only in security terms but in terms of economics and trade as well. I will meet the Ukrainian ambassador this afternoon to discuss further ways in which we can support them and help Ukrainian businesses to continue to trade as easily as possible, and we are working very closely with CBIs in the region to help them find solutions. This is a very difficult situation, and the UK, working in concert with the US and the EU, will do all we can both to stop the trade and opportunities for Putin to raise cash to fund his war machine, and to ensure that those countries that are standing by Ukraine, providing it with defensive support and incredible humanitarian support to keep its citizens safe, will be able to trade as easily as possible through this difficult crisis.