These sanctions are having an effect: they are exacerbating an already negative trend in Russia’s economy. Russia’s economy shrank by 0.5% in the first quarter of this year. Its largest bank has downgraded forecasts of growth from 2.3% to 0.2%. Russian sovereign bonds have been downgraded to one notch about junk bond status, and capital flight is continuing, with an estimate that it could reach £80 billion. Although I understand absolutely the hon. Gentleman’s question and his attempt, quite rightly, to analyse the emotional side of Mr Putin’s approach, he will not be able to be blind to the impact these sanctions are having on Russia’s economy.
We have also supported NATO measures to reassure our eastern allies who feel most exposed to Russian pressure, including through the provision of RAF jets
to undertake an air policing role in the Baltic area. We are clear about the collective security guarantee that NATO offers to our eastern NATO partners, and Mr Putin should be clear about that, too.