Treasury Committee explores further economic sanctions on Russia

Purpose of the session

Since Russia’s invasion of Ukraine, the UK and other countries have imposed significant and wide-ranging economic sanctions on Russia. With these initial sanctions in place, MPs will explore areas where further economic sanctions could be imposed to exert additional pressure on Russia.

The Committee is likely to explore the UK insurance market, how Russia uses it, and the potential impact of insurance sanctions on Russia and the UK.

Committee members are likely to consider the effectiveness of current sanctions on Russia’s central bank reserves as well as potential steps to restrict foreign currency and gold reserves which are not yet frozen. The potential for further sanctions on Russian banks and payments may also be investigated.

MPs are also likely to ask industry experts about firms continuing to trade with Russia, reliance on Western goods, where Russia is vulnerable to supply chain disruption.

Last month, the Committee warned Russia that it is heading towards economic catastrophe, but that its invasion of Ukraine will have a significant economic impact on the cost of living in the UK in a report on ‘Defeating Putin: The development, implementation and impact of economic sanctions on Russia’.

Witnesses

Monday 25 April 

At 3.15pm

Committee Room 16, Palace of Westminster

• Neil Roberts, Head of Marine and Aviation, Lloyd’s Market Association
• Elina Ribakova, Deputy Chief Economist, Institute of International Finance
• Dr Nigel Gould-Davies, Senior Fellow for Russia and Eurasia, International Institute for Strategic Studies

Further information

• About Parliament: Select committees
• Visiting Parliament: Watch committees

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