In this dark hour, our thoughts, our solidarity and our resolve are with the Ukrainian people. Invading troops march through their streets and missiles shell their cities. They have been cast into a war through no fault of their own, because Putin fears their freedom and because he knows that no people will choose to live under his bandit rule unless forced to do so at the barrel of a gun.

The consequences of Putin’s war of aggression will be horrendous and tragic for the people of Ukraine, but also for the Russian people, who have been plunged into chaos by a violent elite who have stolen their wealth, stolen their chance of democracy and stolen their future.

We must prepare ourselves for difficulties here. We will face economic pain as we free Europe from dependence on Russian gas and oil and clean our institutions of money stolen from the Russian people, but the British public have always been willing to make sacrifices to defend democracy on our continent, and we will again. The consequences of Putin’s actions will be felt throughout the world for years and, I fear, for decades to come.

Russia’s democratic neighbours and every other democracy that lives in the shadow of autocratic power are watching their worst nightmare unfold. All of us who believe in democracy over dictatorship, in the rule of law over the reign of terror and in freedom over the jackboot of tyranny must unite and take a stand. We must support the Ukrainian people in their fight and we must ensure that Putin fails.

Putin will eventually learn the same lesson that European tyrants learned in the last century: that the resolve of the world is harder than he imagines, that people’s desire for freedom burns brighter than he can ever extinguish, and that the light of liberty will prevail over his darkness. For that to happen, we must make a clean break with the failed approach to handling Putin, which after Georgia, after Crimea and after Donbas has fed his belief that the benefits of aggression outweigh the costs. We must finally show him that he is wrong. That means doing all that we can to help Ukraine to defend herself by providing weapons, equipment and financial assistance, as well as humanitarian support for the Ukrainian people. We must urgently reinforce and reassure our NATO allies in eastern Europe who now stand at the frontier of Putin’s aggression.

The hardest possible sanctions must be taken against the Putin regime. It must be isolated, its finances frozen and its ability to function crippled. That means excluding Russia from financial mechanisms such as SWIFT and banning trade in Russian sovereign debt. I welcome the set of sanctions outlined by the Prime Minister just now and pledge Opposition support for further measures.

There are changes that we must make here in the UK. For too long, our country has been a safe haven for the money that Putin and his fellow bandits stole from the Russian people. It must now change. Cracking open the shell companies in which stolen money is hidden will require legislation. The Prime Minister should bring it forward immediately, and Labour will support it, along with the other measures that he has just outlined. [Hon. Members: “Monday.”] Thank you, and we will support it.

This must be a turning point in history. We must look back and say that this terrible day was when Putin doomed himself—and his plan to reassert Russian force as a means of controlling eastern Europe—to defeat. We know how he operates so we know how to defeat him. He seeks division, so we must stand united. He hopes for inaction, so we must take a stand. He believes that we are too corrupted to do the right thing, so we must prove him wrong. I believe that we can and that in this dark hour, we can step towards the light.