I am so pleased that my right hon. Friend says that, because that is exactly what we are doing. The greatest expedition is being applied to this matter.
The legislation follows the made affirmative procedure, as set out in section 55(3) of the Sanctions and Anti-Money Laundering Act 2018. I know the hon. Member for Rhondda (Chris Bryant) is familiar with that and supported it strongly in this House both in 2018 and before. The legislation follows the process of that Act, so I have no doubt he will support it. These statutory instruments amend the Russia (Sanctions) (EU Exit) Regulations 2019 and, as my right hon. Friend the Prime Minister announced, the powers they contain will prevent Russian banks from accessing sterling.
This is a significant and new measure for the United Kingdom. Russian banks clear no less than £146 billion of sterling payments into and out of the United Kingdom’s financial system every year. Without the ability to make payments in sterling, designated banks will not be able to pay for trade in sterling. They will not be able to invest in the United Kingdom. They will not be able to access the UK’s financial markets. This measure matches the power the United States already has to prohibit access to the US dollar, and shows our joint resolve with our American allies to remove Russia from the global financial and trade system. Around half of Russian trade is denominated in dollars or sterling.