Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of sanctions against the Russian Federation on the UK economy; and if he will make a statement.

The sanctions have been designed to have the maximum impact on the actions of the Russian leadership while minimising the impact on the UK and EU. There will be a cost to the EU's economy, but there is a greater cost involved in not standing up to Russia's aggression. The Government has been clear that any pain as a result of economic sanctions should be shared equally across the EU.

Due to the recent nature of the implementation of the sanctions Treasury officials are still in the process of analysing the initial data; it is a work in progress and not yet ready for public use.