Russia

Foreign and Commonwealth Affairs written question – answered on 27th March 2014.

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Photo of Nicholas Soames Nicholas Soames Conservative, Mid Sussex

To ask the Secretary of State for Foreign and Commonwealth Affairs what assessment he has made of the risk of expropriation of UK assets in Russia; and if he will make a statement.

Photo of David Lidington David Lidington The Minister for Europe

We have carefully considered these risks, along with other economic and political risks to the UK as a result of the Ukraine crisis. We continue to follow developments closely and discuss with stakeholders as necessary. We believe that any attempt to expropriate or undermine UK or other international investments in Russia would send a stark warning to foreign investors and cause considerable damage to the Russian economy, which is already under significant pressure. But we do not wish to see the Russian economy veer toward collapse. This is why we continue to argue that the correct course of action is for Russia and Ukraine to talk directly and find a diplomatic solution. The choice remains for President Putin: take the path of de-escalation or face increasing isolation, tighter sanctions and long-term damage to the Russian economy.

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