Following Russia’s illegal invasion of Ukraine, Vladimir Putin and his cronies, along with the financial institutions and military industrial complex that prop up his regime, are being targeted by huge economic sanctions from the UK and our allies.
This package of sanctions was carefully co-ordinated with our allies including the US, the EU, and G7 partners. The sanctions will continue to evolve over time, with the Chancellor Rishi Sunak announcing yet more measures at the beginning of this week with new financial sanctions on the Central Bank of Russia, Russian National Wealth Fund, and the Ministry of Finance.
These sanctions will ban Russia’s key industries and companies from raising finance on the UK’s money markets. They will also stop Russian banks, state- and privately-owned companies borrowing from UK lenders. We are essentially locking Russia out of our financial markets.
The UK is also substantially strengthening trade restrictions – including our toughest export controls against Russia – hitting its electronics, telecoms and aerospace companies. Over time, the Russian military will be unable to import parts to maintain its equipment.
I questioned the Prime Minister directly on these matters in the House of Commons last week, saying that while crippling economic sanctions on Russia are the right thing to do, we must be honest with the British people that these sanctions will bring an economic cost for us at home. However, that is a cost far less than the one being paid by our Ukrainian friends.
The UK will continue to provide anti-tank weapons and other military kit such as body armour, helmets and combat boots. An extra £40 million in humanitarian assistance brings the total amount of UK Government aid pledged to Ukraine this year to £140 million.
Even in times of international crisis, constituency MPs still carry on with their jobs in the community. On Friday, I attended a further meeting of the Forest of Dean’s Levelling Up Fund Project Board and I’m pleased to report some excellent progress is being made with the £20 million of funding for the Forest that I secured from the Government. A full update can be read on my Facebook page.