My Lords, I thank the Minister for outlining the instruments. My party supports them. I am grateful to the Minister for outlining them in clear terms. I understand that it is a long-held practice that, if Ministers write to inform about new things, they write to both Front Benches. I do not think I received the letter to the noble Lord, Lord Collins, that the Minister referred to.
I have just two points to raise. One is to welcome the diamonds element that was announced at the G7. I know there have been questions about how long it took, but nevertheless we are grateful that it is there. I have often raised Russia benefiting from the continuing gold trade, which is illegitimate and channelled through the Gulf. I would be grateful if this could be raised. On Friday, we will have a full-day debate on Ukraine, in which we will raise wider issues.
I have a question about the figures for the impact of the sanctions so far, to which the Minister referred. I read his colleague Leo Docherty MP citing the same statistics about UK imports from Russia falling by 94% but our exports to Russia falling by 74%. I have not been able to find a breakdown of the sectors, and I would be grateful if the Minister could provide one
in writing because I am curious about why there is a differential, and why sanctions have been more impactful for the UK importing goods from Russia than for exports, which is what we should be trying to target. As the Government say, if sanctions are working, we need to be able see that.
My second question is about the ability to effectively buy frozen assets, which the Minister raised. This will require further consideration and debate because there could well be some complexities with regard to it, especially in the context of the decision made by the EU yesterday to approve a windfall tax on frozen assets. I believe the UK should be moving ahead on this. I would be grateful if the Minister could outline His Majesty’s Government’s policy on this because it could be significant. The Minister referred to sums of £20 billion. As I understand it, the EU has estimated that it would be able to utilise €2.3 billion in interest and taxes on the assets alone. Given that €125 billion-worth went through Euroclear Belgium and €300 million is immobilised across Europe as a whole, the decision to have a windfall tax on that means it could be used to benefit Ukraine. I hope that allowing entities to buy frozen assets would not mean that, if the UK were to decide to recover the interest on the assets by having a windfall tax on them, that would effectively mean that those assets would be frozen not just from the Russians whom we are sanctioning but effectively from the Ukrainian people, who should be able to benefit from taking interest or a windfall tax or recovering them. I hope the Minister can provide clarity on those points.