Sanctions (Russia) Act 2021

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That this House passes the legislation at Third Reading

Poll ended at Wed Jul 07, 2021 6:00 pm

Aye
18
95%
No
0
No votes
Abstain
0
No votes
Admin
1
5%
 
Total votes: 19

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Juliet Manning MP
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Sanctions (Russia) Act 2021

Post by Juliet Manning MP »

Sanctions (Russia) Act 2021

-Forbids the granting of loans or other assistance to any institution or body based in the Russian Federation, including the Russian government, by any UK bank or institution
-Prohibits the purchasing of bonds issued by Russia and the lending of funds to Russia
-Prohibits the purchasing of Russian debt
-Prohibits any foreign direct investment in Russia by UK firms or individuals
-Subjects Russian citizens to enhanced travel restrictions
-Limits the convertibility of Pounds Sterling into Rubles
[/quote]
Rt Hon. Ms Juliet Manning MP
Member of Parliament for Clwyd West

Deputy Prime Minister of the United Kingdom
Lord President of the Council
Secretary of State for Foreign & Commonwealth Affairs
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Juliet Manning MP
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Re: Sanctions (Russia) Act 2021

Post by Juliet Manning MP »

Mr Speaker,

The government is today proposing financial sanctions which will cost the Russian economy a minimum of £12.3 billion a year, in response to the flagrant violations of international law by the Russian Federation through the activities of its special forces units active in the Republic of Latvia.

The UK government stands firmly with the Latvian nation and people in opposing attempts by Russia to secure control over parts of eastern Latvia, including Riga, and condemns in the strongest possible terms Russian military manoeuvres in the Baltic region. Today, Britain has expelled 15 Russian diplomats and is proposing a ban on the granting of loans or financial assistance to any Russian company by any UK financial institution; a ban on the purchasing of Russian government bonds; a ban on the purchasing of Russian government debt; a ban on foreign direct investment by British firms into Russia; limits upon the convertibility of Pounds Sterling into Rubles; and new travel restrictions for Russian nationals.

I strongly urge the House to back these measures, and encourage the nations of the world to follow suit in delivering a robust response to Russian aggression.

Our intelligence sources are clear: Russian special forces *are* active and armed in Latvia. Unplanned military manouveres in the vicinity of the Baltic states *are* taking place. And the administration of President Putin *is* planning a repeat of its Crimea strategy to wrest control of parts of Latvia from the elected Latvian government.

I commend this bill to the House.
Rt Hon. Ms Juliet Manning MP
Member of Parliament for Clwyd West

Deputy Prime Minister of the United Kingdom
Lord President of the Council
Secretary of State for Foreign & Commonwealth Affairs
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Ashton Edwards
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Re: Sanctions (Russia) Act 2021

Post by Ashton Edwards »

Mr Speaker,

I thank the Right Honourable Lady for introducing this legislation and for explaining the merits behind it in such a succinct and straightforward manner.

I don’t think there is anyone here who can look at the way that Russia has acted on the international stage and then say that they are a fair dealer or fair player in the international community- before we even consider the potential actions here in the Baltics region. The unjust annexation of Crimea- an act which the Coalition Government of the time did little to combat or fight back against, I should note- Russia’s actions to support breakaway republics and promote instability in the Caucasus while ignoring the plight of certain people within the country to push for greater recognition and rights, the constant attacks on basic human rights and dignity for LGBT+ individuals and women, the inability of Russia to act within its own so-called sphere of influence to stop massacres against minority populations during and following the breakup of Yugoslavia…

Well, Mr Speaker, it is sufficient to say this list would go on and on. But the point is clear that we cannot accept, particularly with lives and security of a European partner at stake, business as usual. And for that I applaud this Government for actually taking action where its Conservative and Coalition predecessors failed to try to push back against a more and more aggressive Russian state.

That’s not to say this act isn’t without question, and I hope that the Government will help enlighten this House on a few matters.
  • The sanctions proposed target “any institution or body” in the Russian Federation; is this limited to government-linked groups, or will this put serious economic pressure on Russia by including businesses as well in the sanctions?
  • If this legislation is truly strengthening our sanctions regime, is this also cutting off business-to-business links and transactions between Russia and the UK, or is it only targeting a few government-related institutions?
  • And what is the role of the international community in stepping up sanctions as well? The Government has stated that this will have an impact valued at £12.3 billion. However, Russia’s GDP is estimated to be on the order of £1.04 trillion; that is, the impact of our sanctions regime is 1/87th the size of the Russian economy. While we’re tightening the screws on Russian businesses and oligarchs and political officials and families by targeting remittances and travel and investment, arguably we want to also make sure we’re working with other countries to have a larger impact. What has this Government done to convince others- particularly Continental countries which happily buy Russian gas and oil- to join in on taking a stand?
I believe that sanctions work best when they are broad, which these certainly are, and when they are multiplied internationally by having more partners. I hope that in the coming days we can see other countries considering tougher measures and joining in the UK’s leadership as well. Simply “encouraging” them to act in a speech isn’t sufficient… I’m afraid that the Right Honourable Lady might need to take a number of long flights around the world in order to build greater support for these and similar measures to multiply their effectiveness. But I know that the Opposition will support those actions if it means we get to the point where we all want to be: a Russia that acts in line with international norms and greater peace and security in Europe and the world.

Of course we cannot forget there will be a cost to us as well as Russia takes on similar measures. From a moral standpoint, it can be argued that cost is worth it, but hopefully the Government will report on measures that Russia is taking and hopefully this Government will also be prepared to help ease the pain of Russian sanctions while we continue to tighten our own.

Hopefully these sanctions- joined by the international community- will teach Russia a lesson that they ought to have learned a long time ago. If not, then I hope this Government has a plan forward- a plan to tighten sanctions, to continue to isolate Russia from the international community, to seek the changed behavior that fits with international norms. I know there is room to do more and I hope the Government is ready and able to do more as is needed. But we support taking a strong stance such as this and hope that these measures do what we need them to.
Ashton Edwards MP
MP for Kensington (2017-) | Labour
Shadow Foreign Secretary (2020-2021)
Shadow Health and Social Affairs Secretary (2020-2021)
Shadow Digital, Culture, Media and Sport Secretary (2019-2021)

Shadow Health, Education and Social Care Secretary (2019-2020)
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Sir Dylan Macmillan
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Re: Sanctions (Russia) Act 2021

Post by Sir Dylan Macmillan »

Division! Clear the Lobbies!
Sir Dylan Macmillan
MP for North East Bedfordshire 2001 - Present

Shadow Chancellor 2016
Chancellor 2015
Chancellor of the Duchy of Lancaster 2014 - 2015
Leader of the House of Commons 2012 - 2014
Secretary of State for International Development 2010 - 2012
Conservative Party Chairman 2008 - 2010
Shadow Chief Secretary to the Treasury 2005 - 2008
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Sir Dylan Macmillan
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Re: Sanctions (Russia) Act 2021

Post by Sir Dylan Macmillan »

Passes by voice vote
Sir Dylan Macmillan
MP for North East Bedfordshire 2001 - Present

Shadow Chancellor 2016
Chancellor 2015
Chancellor of the Duchy of Lancaster 2014 - 2015
Leader of the House of Commons 2012 - 2014
Secretary of State for International Development 2010 - 2012
Conservative Party Chairman 2008 - 2010
Shadow Chief Secretary to the Treasury 2005 - 2008
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