Stephen Doughty

Stephen Doughty

Labour (Co-op) — Cardiff South and Penarth

Speaking in the House of Commons on 15 May 2025

Debate

Sanctions Implementation and Enforcement

Contribution

The hon. Gentleman raises a very important issue. I will not comment on future actions, but since the introduction of the oil price cap, data from the Russian Ministry of Finance showed a 30% reduction in tax revenues from oil in 2023, compared with the year before. The price it has received for flagship Urals-grade crude has continued to sit below global levels, and our work—particularly on the shadow fleet—has significantly disrupted and impacted the revenues that Putin is able to get from oil to fuel his war in Ukraine. We will consider all possible lawful measures to further strengthen our efforts in that regard, but the best way to do so is by working with our international partners. We are engaged in daily conversations on these matters, but of course, I will not comment on future specific actions.

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