I do agree with my right hon. Friend. We are looking at what we can do in the long term with those assets, and I am working very closely with the Treasury on that. We have also put asset freezes on 18 major Russian banks, and we would like to see other countries follow us. We have barred over 3 million Russian companies from raising money on our capital markets.
What has been very important in all of these efforts is that they have been closely co-ordinated across the G7, with the EU and with other partners around the world, including the Singaporeans, the Australians and the South Koreans. We have also taken decisive action on trade. We have cut Russia off from World Trade Organisation terms. We have banned high-tech exports and we have announced a ban on all new outward investment into Russia.
However, we cannot stop here; we have to keep increasing the pressure. As was asked about earlier, we do need to stop the imports of Russian hydrocarbons, and we need a new wave of sanctions. We are working on that with our partners to make further progress and put further pressure on the Putin regime. There are some people who say that the west cannot afford this, but we simply cannot afford not to do it, because if we do not
end Putin’s war in Ukraine and we do not see Putin lose, we will see even worse consequences for the whole of European security.