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Written question asked by Tanmanjeet Singh Dhesi (Labour) on Monday, 11 September 2023, in the House of Commons. It was due for an answer on Wednesday, 13 September 2023. It was answered by Anne-Marie Trevelyan (Conservative) on Tuesday, 19 September 2023 on behalf of the Foreign, Commonwealth and Development Office.

Russia: Sanctions

Question

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether he has made a recent assessment of the adequacy of its sanctions on Russia.

Answer

We have imposed the biggest package of economic pressure on a major economy in recent memory, which has starved Russia of key Western goods and technology, degrading Russia's military and restricting its capacity to fight a 21st century war. UK exports of machinery and transport equipment have decreased by 98 per cent.

Sanctions are limiting Russia's financial resources. The UK has sanctioned 29 Russian banks accounting for over 90 per cent of the Russian banking sector. We have frozen over £18 billion worth of Russian assets in the UK. Without sanctions, we estimate Russia would have over $400 billion more to fund its war machine.

Secondary information

Type
Written question
Reference
198837
Session
2022-23
Subjects
Sanctions Russia
Link
View this Written question on www.parliament.uk