My Lords, I thank the Minister for his introduction. I repeat that the Opposition are totally at one with the Government and their actions to ensure that the illegal and immoral invasion of Ukraine is halted and that we take all possible steps against Russia for its breach of international law.
I have just a few questions about this additional SI on sanctions. The Minister mentioned that we are working with our allies, in particular the EU and other G7 partners. Can he tell us exactly how much these measures are aligned with the actions of the EU? Is there complete alignment now? On credit and securities, reference was made to closing loopholes. Are these loopholes that we have collectively discovered and want to stop or is this something that we focus on particularly because of the situation with London?
On that subject, according to the impact assessment, London still seems to trade significantly with Russia and imports more than other regions. Can the Minister say a little more about what more we need to do in terms of cleaning up London and the role of money laundering in particular?
We repeatedly pass legislation on sanctions. We have good law, if you like. But, of course, none of these laws is necessarily effective unless we also focus on enforcement. Can the Minister tell us a bit more about the capacity in the department and across Whitehall to ensure that all these sanctions that we are approving are effectively enforced? I suppose that it relates to the question the noble Lord asked about what assessment we make of effectiveness. Enforcement is really important.
Finally, on the penalties that arise—and we have covered this point before with regard to the Act and the statutory instruments that have come out of it—these new measures carry a maximum sentence of 10 years or a fine. Are there circumstances in which the Minister believes that the violations are so serious that they may lead to custodial sentences rather than fines? This relates to how much we focus on enforcement and what we can do to provide a deterrent to others breaching these regulations.
With those few questions and comments, I support the SI.