First, the right hon. Gentleman needs to look at the overall size of our sanctions. The UK has targeted £364 billion-worth of assets, whereas the US has targeted £340 billion and the EU has targeted £124 billion. We have led the way, whether on SWIFT, freezing bank assets or closing ports.
As for the right hon. Gentleman’s point about the Sanctions and Anti-Money Laundering Act 2018, it was the Labour party that wanted changes to make it tougher for us to sanction oligarchs. The hon. Member for Oxford East (Anneliese Dodds), who is now chair of the Labour party, said on Third Reading that the Act gives Ministers “excessive power” that could not be
“justified by the need for speed”.—[Official Report, 1 May 2018; Vol. 640, c. 239.]
She even called for additional bureaucracy through a cross-Whitehall committee. The U-turn is on their side.