James Cartlidge – 2022 Statement on UK Companies Involved in Russia

The statement made by James Cartlidge, the Exchequer Secretary to the Treasury, in the House of Commons on 7 December 2022.

I am grateful to the right hon. Lady for her question.

The UK and international partners have moved in lockstep since the invasion to impose the largest and most severe economic sanctions that Russia has ever faced, designating more than 1,200 individuals and over 120 entities. That includes a ban on new outward investments in Russia, and £18.4 billion-worth of Russian frozen assets reported to the Government. On Monday, in alignment with coalition partners, we banned the import of Russian oil and oil products into our markets. In conjunction with partners, we have prohibited UK ships and services from the maritime transportation of Russian oil unless the price paid is at or below $60.

The Government do not comment on individual commercial decisions. The process of divesting themselves of assets in Russia will be complicated for companies, which need to ensure compliance with financial sanctions. However, since Russia’s illegal and unprovoked invasion of Ukraine, we have seen commitments from many firms and investors to divest themselves of Russian assets.

The Government have been clear that we support further signals of intent to divest of Russian assets. In March this year, the then Chancellor—now the Prime Minister—said he welcomed

“commitments…made by a number of firms to divest from Russian assets”,

noted that he

“supports further signals of intent”,

and said that

“there is no case for new investment in Russia.”

That remains the Government’s position.