It will clearly be necessary for us to propose and potentially impose measures for quite some time—for a number of years, according to the explanatory notes—and we have agreed to work with the Government on that. Obviously, as I have said, we hope that they are acting robustly, deeply and broadly now. It is crucial to send a very strong signal, not least given what we have seen. I certainly hope that Russia turns around and ends this illegal invasion, but at the moment we have to send that very strong signal.
Thirdly, there are some exemptions in the legislation, and it is not clear on the surface why they apply. For example, there is an exemption for correspondent clearing services relating to aviation assets. Can the Minister explain the reasoning behind that? There are other exemptions that clearly make sense, relating to humanitarian affairs and extraordinary circumstances, and I can understand why they are there, but can the Minister provide a fuller explanation?
Fourthly, the Government have previously referred to an intention to limit the deposits that can be made by Russian nationals. Do they still intend to introduce such a measure, which is not part of the package that we are discussing today?
Fifthly, we think that there are additional things that the Government could do. For example, the US immediately introduced a ban on all imports from Donbas regions controlled by Russia. Have the Government considered that? We have also proposed a ban on the export of luxury goods, comparable with what has been in place against Syria. If that were undertaken with our partners and allies, it could have a major effect in putting
the squeeze on those around Putin who enjoy their luxury lifestyles.