Contribution
My Lords, let me first thank the noble Baroness for repeating the Statement and say that we on these Benches welcome measures to bear down on Putin’s regime and undermine his ability to wage this barbaric, illegal invasion of Ukraine. The refusal of Putin to attend today’s talks in Turkey is yet another sign that Russia really is not interested in peace. Putin could end the war today, but he has refused time and again to consider an end to the violence he has inflicted on the maligned people of Ukraine.
The toll we have exacted on Russia and its war-making capacity is something that I am proud of, and it stems directly from the sanctions regime that we formed when in government and that the current Government, to their credit, have continued. Working with allies, we imposed the largest and most severe set of sanctions that Russia had ever seen. We sanctioned around 2,000 individuals, companies and groups. None of us should be in doubt that the economic pressure that we and allies have been exerting means that Russia can no longer afford to sustain the cost of this illegal invasion. Russia’s interest rates are at levels not seen for decades; welfare payments are being cut; and, as the noble Baroness said, our collective sanctions have stripped Putin of $450 billion of benefits since February 2022—money that Russia could otherwise have spent on that war in Ukraine.
We on these Benches broadly welcome today’s Statement from the Government, which is part of an effort to better co-ordinate the sanctions regime in place against Russia. It is vital that the current Government do all they can to crack down on those who violate this regime, and we must remain firm in our resolve to stop the flow of resources into Russia and utilise assets in a way that supports the fight against Russia. However, some questions remain over the current sanctions regime and what more we can do with it to oppose Putin and this vile invasion. First, will the Minister confirm whether her department is currently looking into wider secondary sanctions against Russia? What kind of engagement are the Government having with countries whose economies are being used to cheat the international sanctions response, and what measures are the Government considering to stop this? Those countries include some with which we have just done trade deals.
Can the Minister update the House on the Government’s internal deadline for getting the proceeds from the sale of Chelsea Football Club? Can she update us on the Foreign Secretary’s engagement with trustees, the Government of Portugal and the European Commission on this issue? The sums we are talking about are in excess of £2 billion—a substantial amount of money, which we could unlock to support those in need in Ukraine. It is important that the Government do all they can to work at pace on this issue.
I hope that, in considering the outcome of this review, the Government will also give thought to how they communicate the purpose of the sanctions regime. Activity that violates the regime supports a murderous, brutal dictatorship. People should be left in no doubt that this regime is more than an expression of support for Ukraine; it is one of the primary weapons we have to oppose Putin and, as we have seen, it can exact substantial damage on the Russian war effort. What practical steps are the Government taking to keep UK-based businesses well informed of changes to sanctions legislation and its purpose?
There has been much coverage and discussion in recent weeks of initiatives to secure peace. That is welcome, but we must not be blinded by the headlines which hail “coalitions of the willing” and multilateral intent. For all these words, which are welcome in principle, we cannot forget that the reality of the situation for people in Ukraine remains unchanged. Ukrainians are still fighting on the front line, facing airstrikes on their towns, villages and cities and suffering death, horrendous loss and injury. We on these Benches continue to urge the Government in the strongest possible terms to leverage Britain’s influence in every way that they can to help ensure that peace is secured on terms acceptable to Ukraine. It is right that Ukraine must decide its own future. It is incumbent on us, as one of its closest allies, to support it in this desire.