Russia: Sanctions

(asked on 16th January 2023) - View Source

Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent assessment he has made of the impact of sanctions on (a) Russia and (b) individuals connected to that country on its (i) economy and (ii) war in Ukraine.


Answered by
Leo Docherty Portrait
Leo Docherty
This question was answered on 24th January 2023

Sanctions by the UK and its international partners have starved Russia of key Western goods and technology, hindered its military-industrial complex and future economic development. Russia's military is facing significant logistical and replenishment challenges in the face of sanctions. Over 1,200 individuals have been sanctioned by the UK, including over 120 oligarchs and family members with a global net worth of over £140bn. The International Monetary Fund forecasts that Russia's GDP will be 11% smaller in 2026 compared to pre-invasion forecasts and won't return to its pre-invasion level until 2027 at the earliest.

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