I must make some progress. Around half of Russian trade, as I have said, is denominated in dollars and sterling. We have already used the power to designate Sberbank, the largest Russian bank, and the same statutory instrument prevents the Russian state from raising debt here and isolates all Russian companies. I emphasise that again, because here we are going further than many of our allies, who have picked out a number of companies that they think may be closely connected with Putin.
With this statutory instrument, we prevent the Russian state from raising debt here and isolate all those Russian company—by the way, there are about 3 million of them. They will now be prevented from gaining access to UK capital markets. This measure goes further than those of our allies and bans all Russian companies from lucrative UK funding.