Ukraine Update - Statement

Part of the debate – in the House of Lords at 7:58 pm on 5 September 2022.

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Photo of Baroness Goldie Baroness Goldie Lord in Waiting (HM Household) (Whip), The Minister of State, Ministry of Defence 7:58, 5 September 2022

We understand that the sanctions imposed by the UK and our international partners are having deep and damaging consequences for Putin’s ability to wage war. We have sanctioned more than 1,100 individuals and 100 entities and, with our allies, have frozen around £275 billion-worth of assets. That includes oligarchs worth £117 billion. We have also announced new sanctions on Kremlin-imposed officials in the so-called Donetsk and Luhansk people’s republics. Russia’s GDP is expected to contract by 3.5% to 8.5% in 2022, but that is compared to a pre-invasion forecast of 2.8% growth. By 2026, Russia’s economy is expected to be 16% smaller versus the pre-invasion trend estimated by the International Monetary Fund. There is evidence that it is hitting Putin hard. Much more problematic is to know whether the message is reaching ordinary Russian people. There is evidence to suggest that, sadly, they are now beginning to experience the hardship of the consequences of Putin’s illegal war. It may be that with that, coupled with the tragic deaths of and injuries to the loved ones and relatives of many people and families in Russia, they may now be beginning to pose the question: what is this about and why are we doing it?