PARLIAMENTARY DEBATE
Engagements - 23 February 2022 (Commons/Commons Chamber)
Debate Detail
I am sure that the whole House will want to join me in congratulating Team GB’s curling teams for winning gold and silver medals at the winter Olympics.
I know that Members across the House will want to offer condolences to the family and friends of our former colleague Sir Richard Shepherd, who sadly died earlier this week. He served as the MP for Aldridge-Brownhills for 36 years.
This morning I had meetings with ministerial colleagues and others. In addition to my duties in this House, I shall have further such meetings later today.
Let the House be in no doubt about the extent of the package set out yesterday and about what we are already doing, because I do not think people quite realise that the UK is out in front. We have sanctioned 275 individuals already, and yesterday we announced measures that place banks worth £37 billion under sanctions, in addition to more oligarchs. There is more to come. We will be stopping Russia raising sovereign debt, and we will be stopping Russian companies raising money or, as I said yesterday, even clearing in sterling and dollars on international markets.
That will hit Putin where it hurts, but it is vital that, after this first barrage, we work in lockstep with friends and allies around the world to squeeze him simultaneously in London, Paris and New York. Unity is absolutely vital.
Under the measures that this House has already approved, we can now target any Russian entity or individual. Not only can we already target the so-called breakaway republics in the oblasts of Donetsk and Luhansk but we can target members of the Duma who voted to recognise them. This is the most far-reaching legislation of its kind, and I am glad that it has the right hon. and learned Gentleman’s support.
At the weekend, the Prime Minister said that if Russia invades Ukraine, he will “open up the matryoshka dolls” of Russian-owned companies and Russian-owned entities to find the ultimate beneficiaries within. Well, Russia has invaded and it is time to act. If he brings forward the required legislation to do this, he will have Labour’s support. Will he commit to doing so in the coming days?
Let me turn to the Elections Bill. As it stands, the Bill would allow unfettered donations from overseas to be made to UK political parties from shell companies and individuals with no connections to the UK. Labour has proposed amendments that would protect our democracy from the flood of foreign money drowning our politics. We can all now see how serious this is, so will the Prime Minister now change course and support these measures in the House of Lords?
As I have said, there is still time for President Putin to de-escalate, but we must be in absolutely no doubt that what is at stake is not just the democracy of Ukraine, but the principle of democracy around the world. That is why the unity of this House is so important today. It is absolutely vital that the United Kingdom stands together against aggression in Ukraine, and I am grateful for the broad support that we have had today from the Leader of the Opposition.
Under the Tories, a sewer of dirty Russian money has been allowed to run through London for years. In 2017, I went to the Prime Minister when he was Foreign Secretary and raised the issue of limited partnerships, of which 113 have been used to move $20.8 billion out of Russian banks—corruption on an industrial scale. Why did the Prime Minister do nothing back then, and why is he still doing nothing now?
A leading American think-tank has publicly raised concerns that
“the close ties between Russian money and the United Kingdom’s ruling conservative party”
are a block to stronger sanctions. How can our allies trust this Prime Minister to clean up dirty Russian money in the UK when he will not even clean up his own political party? Will he finally commit to giving up the £2.3 million that his party has raised from Russian oligarchs?
Contains Parliamentary information licensed under the Open Parliament Licence v3.0.