First Delegated Legislation Committee — hearing of 15 June 2026: transcript & video

00:04 - 00:12

Speaker 1

The Russia Sanctions EU Exit Amendment Regulations 2026. I call the Minister to move the motion.

00:12 - 03:18

Speaker 2

Well thank you Sir Desmond and I beg to move that the committee has approved the Russia the Russia Sanctions EU Exit Regulations 2026. These amend the Russia Sanctions EU Exit Regulations 2019. And before I begin Sir Desmond I I wanted to place on record I'm sure shared by all colleagues our utter horror at the attacks meted out by Russia in Ukraine yet again in the last 24 hours in particular the despicable attack on the monastery in Kyiv and the deaths of civilians across Ukraine. And I think those show again to the whole House and indeed the whole world the appalling barbarous actions that Russia is capable of and continues to do so. And I was able to convey that that horror and our solidarity and support to the chairman of the Rada this morning Ruslan Stefanchuk who was here as a guest of Mr Speaker and I know that he's been meeting other members and right honourable members across the House.

We all stand united with Ukraine I know in this committee and our thoughts are with all those affected by these terrible actions. Sir Desmond this instrument was laid on the 19th of May under powers in the Sanctions and Anti-Money Laundering Act 2018 and the measures in the instrument subject to the made affirmative parliamentary procedure entered into force on 20th of May. Mr Chair since coming to power the government has been clear that Russia must not be allowed to succeed in its illegal war and we have been steadfast in our support of Ukraine. Russia represents not just a threat to Ukraine of course but a threat to the whole of Europe and indeed to the United Kingdom and our allies. And as part of our response to Russia's illegal and barbarous war in Ukraine the United Kingdom has sanctioned over 3,300 individuals now and entities under the Russia sanctions regime with over 1,300 of those delivered under this government.

And just last month we introduced a new package that sanctioned 18 individuals and entities under the UK's Russia sanctions regulations including cryptocurrency exchanges active in Russia entities and individuals that we suspect are linked to the UK sanctioned A7 network which has embedded itself in the Kyrgyz financial sector. And this marks a further step in the UK's sustained effort to erode Russia's ability to fund its illegal full-scale invasion ramping up pressure on Putin's war chest and this of course comes as yet another set of measures that we have taken repeatedly under this government indeed continuing the work under the previous government when I sat on the opposite side welcoming and showing support for these measures but also providing robust scrutiny. And these sanctions are having a real impact Mr Chair. Last month Russia slashed its economic growth forecast for 2026 from 1.3% to just 0.4% and Russia's Deputy Prime Minister ascribed this downgrade to the impact of sanctions among other factors. And indeed Putin himself admitted that Russian GDP contracted by 1.8% in January and February with a decline in areas that are critical to its war effort including industrial production.

The rest of the transcript is for Pro customers

Unlock the full transcript, chat, and every analysis feature with Polyfact Pro.

The video itself stays free to watch, in full, no account needed.