Lord Coaker (Lab)

First, I thank the noble Lord for his comments about standing up against Russia. The UK Government have made significant efforts to disrupt the Russian economy through sanctions and through various measures that we have taken. I think it is really important to recognise the impact on Russia. Billions of pounds have been sanctioned and many ships have been disrupted, et cetera, et cetera. This is not often done, but let me just share with the noble Lord the economic impact on Russia so far. The idea is that nothing has worked. Russia’s GDP growth has slowed from over 4% in 2023-24 to around 1% in 2025, with Russia’s Ministry of Economic Development forecasting only 0.4% growth in 2026. That is a significant achievement, I would say, and we need to say more about its impact. Inflation expectations rose in July to 14.7%, their highest level in years. The deteriorating economic picture is directly hitting average Russians, with growth in Russians’ real incomes projected to slow to 1.6% in 2026, down from 7.7% last year. We have also seen the queues that there have been for fuel. All I am saying is that there is a lot more to be done —I absolutely accept that—but let us also give credit to the impact on Russia of what we are doing as well. At the same time, let us remind ourselves that our dispute with Russia is with the leadership, not with the Russian people.