My Lords, we laid this instrument to strengthen our response to the grave situation that we face today in Ukraine. Sadly, the need is now greater than ever. As stated by my right honourable friend the Prime Minister, we will be tightening the ratchet in response to Russia’s aggressive actions. Noble Lords will be aware that my right honourable friend will make a Statement in the other place at 5 pm today, where he will set out in further detail the work of this Government on this important issue. As noble Lords will also be aware, the Statement will be repeated here at a convenient time after 7 pm. Therefore, at this point in time, I cannot go into any further detail on the specifics of our response in advance of those Statements being made.
We are seeing the situation playing out as many of us feared it might. President Putin has used disinformation, lies and false flag activities to justify his unprovoked and unjustifiable invasion of Ukraine. Later today the United Kingdom, working with international partners, will bring forward an unprecedented level of sanctions to punish this aggression and persuade those around Mr Putin that this is frankly the wrong thing to do. We will continue to stand in solidarity with the Ukrainian people.
Sanctions announced by the UK and our allies are already having an impact, as we have seen today with direct impacts on markets and the rouble, which has stooped to a record low. These sanctions are impacting and will impact Russia. The institutions that prop Mr Putin up and the people around him should take note. The decision to invade a sovereign territory, Ukraine, is unjustified and will be met with an unprecedented and universal response, which is already under way.
Mr Putin has been clear that he wants to recreate a Russian empire and claim back places he defines as Russia, but these places he describes are sovereign states in their own right. Let us be absolutely clear: Ukraine is not part of Russia. The fantasy Mr Putin is trying to play out of tsarist expansionist Russia must be stopped now. I assure your Lordships that we will bring forward an unprecedented, co-ordinated sanctions response to punish this appalling decision.
For your Lordships’ information, I say that the G7 will meet later today to discuss the severe co-ordinated sanctions we will be imposing on Russia. Ukraine, of course, is not a NATO country, but we will help it with self-defence. We are talking with other leaders to co-ordinate our response, as well as our response when it comes to sanctions. The solidarity of NATO is clear. We stand together. That is why the UK and other NATO states have been moving troops to our NATO allies. We will continue to support the legitimate Government of Ukraine and, importantly, the people of Ukraine in their self-defence against this attack by Vladimir Putin. We will use every lever under our control in pursuit of that end.
The legislation follows the “made affirmative” procedure set out in Section 55(3) of the Sanctions and Anti-Money Laundering Act 2018. The statutory instrument amends the Russia (Sanctions) (EU Exit) Regulations 2019. It allows the Government to impose sanctions on a much broader range of individuals and businesses who are or have been involved in
“obtaining a benefit from or supporting the Government of Russia”.
These include those that, first, carry on business as Russian Government-affiliated entities; secondly, carry on business of economic significance to the Government of Russia; thirdly, carry on business in a sector of strategic significance to the Government of Russia; and, fourthly, businesses that own or control, or act as a director, trustee or equivalent of, one of these entities.
It is very clear from the events of last night that Russian aggression against Ukraine is part of a long-term strategy. If we give ground now, or we try to accommodate illegitimate Russian demands, Russia’s strategy of aggression—we fear—will not end here. Who will be next? Russia, if we were to give way, would be emboldened. President Putin’s focus would simply move on to the next target. What is being done is an attempt to turn back the clock to years gone by, and perhaps a mythical past, to rebuild the Russian sphere of influence. We must be absolutely firm in our response.
As my right honourable friend the Prime Minister will set out in more detail to the nation later this afternoon, what we do today will shape European security for many years to come. Together, we must rise to this moment, and we must stand united with Ukraine and with the people of Ukraine. In the Revolution of Dignity, it was the Ukrainians who risked their lives to choose freedom; they fought for democracy. I am determined that we will continue to support them in that choice which they made for themselves. I therefore commend the regulations to the House and would also share once again that it is our intention, as I said at the start, to go much further.
Amendment to the Motion