Sanctions

Layla Moran Excerpts

Monday 28th February 2022 Commons Chamber

[Elizabeth Truss]

This sanctions package has been agreed across the G7, which represents more than 50% of the global economy. That is a significant hit on the Russian economy, and it will help to degrade the Russian economy over time. The key issue is reducing dependency on oil and gas, but, as my right hon. Friend says, we must also ensure that there is no sanctions leakage into other countries. I have spoken to my Chinese counterpart. The Chinese did not vote with the Russians at the UN Security Council. I am making very clear to China, and to other major nations, their responsibilities to protect the sovereignty and self-determination of Ukraine, and we continue to put pressure on them.

[Layla Moran (Oxford West and Abingdon) (LD)]

The Foreign Secretary may be aware that last week I named 35 Russian oligarchs who are on the Navalny list, At the top of that list was Roman Abramovich, who curiously decided a couple of days ago—and said it out loud—that he wanted to transfer Chelsea football club into some kind of trust. The concern is, of course, that oligarchs are working with their lawyers and their accountants to do the same. Can the Foreign Secretary assure the House that we will not stop but will follow the money, and no matter where it may or may not be transferred, we will find it and we will seize it?

[Elizabeth Truss]

I can indeed assure the hon. Lady that that is exactly what we are doing. We have a very large team of people working through our hit list of oligarchs, and we are also looking at their properties and their ownership of yachts. We have already grounded their private jets. My right hon. Friend the Business Secretary will make a statement immediately after this about the economic crime Bill, which will give greater transparency to the opaque corporate structures operated by some of these people and organisations, and will bring much more clarity and sunlight.