Processed Russian Oil Products: Sanctions Debate
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Jonathan Davies
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Processed Russian Oil Products: Sanctions
Jonathan Davies Excerpts(3 weeks, 2 days ago)
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Chris Bryant
I am terribly sorry; I am so fond of the right hon. Lady that I think of her in a commonplace way, or should I say a common-sense way? She was, of course, the Minister for common sense—although, despite that, she never took any measures to stop the import of Russian oil into the UK when she was a Minister. Oh dear.
Jonathan Davies (Mid Derbyshire) (Lab)
I appreciate the clarity that the Minister has provided, telling us that the overall effect of this country’s package of sanctions will mean that Russia is much more under the screw than it was. One of the effects of Trump’s war in Iran is that the cost of Russian oil has been inflated, and that is perpetuating the war in Ukraine. Does the Minister agree that we need to redouble our efforts to enhance our domestic renewable and new nuclear production of energy so that we are less dependent on fossil fuel markets and less likely to be contributing to perpetuating conflicts around the world?
Chris Bryant
I completely agree with my hon. Friend’s comments. Notwithstanding his point that every time the price of oil around the world goes up, that is a benefit to Putin—that is one of the problems and ironies of the situation in the middle east at the moment—I would also point out that Russia’s economy is stagnating because of the sanctions we have imposed. Growth has slowed to a crawl; this month, Russia slashed its economic growth forecast again, and international sanctions have deprived Russia of at least $450 billion since February 2022, which is the equivalent of four years of funding for Putin’s illegal war. We need to keep that up. It is tough, but we need to do so to ensure that he does not have victory.