I will give a brief preamble explaining why I support the sanctions. Then I will make three broad points, but I do not intend to take too long. We are all obviously struggling to come to terms with recent events, and tensions across Europe over the war in Ukraine are rising. It is shocking to recall that my own anxiety of nuclear war as a schoolboy in the 1970s and ’80s is now being revisited on our children.
I do not believe that war is ever a justifiable means to resolve a disagreement or an argument. Those who die are ordinary people caught up in the arguments or ambitions of more powerful actors. The perhaps hackneyed expression “jaw, jaw, not war, war” is something that we should always strive for, but when the tanks and shells are raining down on innocent civilians, we must stand against the aggressor. While that is true of events in Ukraine, it is also true of conflict and aggression the world over. I hope that this is a lesson that we all take from the events that are unfolding. Like many I marched against the invasion of Iraq, and my opposition to the case for that conflict stands. From that position of opposition to war, I stand against the ongoing aggression of Mr Putin against the Ukrainian people today. I support the sanctions, as does my party, as a means for de-escalation and preservation of life.
I will make the following key points about how we progress. First, we must acknowledge that President Putin has gone to considerable efforts to sanction-proof his economy, and that London’s reliance on dirty money must not impede international efforts to make such sanctions meaningful. That must be urgently addressed, such as by the mechanisms that were outlined by the hon. Member for Rhondda (Chris Bryant). There needs to be a mechanism, a method, or at least an attempt to disaggregate UK businesses from the banks that are being given a 30-day warning that their assets are under
threat. There are also risks regarding cryptocurrencies and Bitcoin, which Mr Putin may use to evade such measures.
Secondly, we urgently need to tackle the impact of such sanctions on ourselves. The UK and Scottish Governments should bring forward, as a matter of urgency, proposals to increase the output of North sea oil and gas, and establish alternative energy opportunities to temper already escalating energy costs and secure supplies to our friends and allies in Europe.
Finally, we must urgently look at all possible means, such as a windfall tax on energy profits, to cushion the blow on the plight of our own people who are suffering the impacts of poverty and a cost of living crisis.
President Zelensky has shown formidable leadership and courage. We must do all we can to support his people, preserve life and bring peace to Ukraine.
5.30 pm