As my right hon. Friend the Foreign Secretary set out on 31 January, we are now laying legislation to broaden the designation criteria for the Russia sanctions regime. As Minister for Europe, I have signed the legislation that we will lay before Parliament and intend to come into force this afternoon. We are toughening and expanding our sanctions regime in response to Russia’s aggression against Ukraine. This legislation will significantly broaden the range of people, businesses and other entities that we can sanction in response to any further Russian aggression. As the Foreign Secretary has set out, this will amount to the toughest sanctions regime against Russia that we have had and mark the biggest change in our approach since leaving the European Union.
The Foreign Secretary is in Moscow as we speak, calling on Russia to pursue a diplomatic solution to this crisis. We have made it clear, however, that if Russia continues to ignore calls to de-escalate and respect Ukraine’s territorial sovereignty, it will face serious consequences. Alongside the United States and other international partners, the UK is preparing an unprecedented package of co-ordinated sanctions that mean those who share responsibility for Russia’s actions will bear a heavy cost.