Part of the debate – in the House of Lords at 3:24 pm on 21 May 2024.
It is of course true that the revenues for Russia from all fossil fuel exports are down considerably. However, against that, crude oil on the high seas is going up, for the simple reason that Russia cannot export processed products and therefore is concentrating on crude oil. Would it be possible to get directly at the swarm of ships on the high seas that the noble Lord, Lord West, pointed out to us by pressing to reduce the price cap from $60 to $30? That would at one stroke reduce Russian revenues and reduce the possibility of these leaky and dangerous ships wandering around the globe.