I agree that a tough sanctions regime is absolutely the right one. The question is how targeted it should be, and how best to target it. A sanctions regime which has a very general broad-brush impact on the Russian people may well not be hitting and targeting the right people. What I like about, for instance, the Magnitsky sanctions and the unexplained wealth orders is the fact that they are directly targeting the Russian elite. Our argument is not with the Russian people; it is with the Russian state and the corrupt nexus of Government officials and oligarchs that are making this happen. I think that we must tread very carefully.
In the case of oil and gas, the secret, in my view, is the European energy union. If we invested in the interconnectors and the integrated energy market, we would drastically reduce Europe’s dependence on Russian gas. That relates particularly to Germany, 30% of whose gas imports come from Russia. The key to Russia is through Germany, and I think that the key through that is the energy union of the European Union.