Russian Federation: Financial Pressure

5. What steps her Department is taking to increase financial pressure on the Russian Federation.

I recently visited Ukraine again—Lviv and Kyiv—and saw again the brutal impacts of Russia’s illegal war on the civilians and, in particular, the children of Ukraine. That is exactly why we are determined to clamp down on the individuals and companies who are supporting Russia’s war on Ukraine and the sources of revenue for that war. We have imposed over 1,200 designations against Russia, including 300 new sanctions in February. We have led international efforts to disrupt the shadow fleet, sanctioning almost 600 vessels, and collectively our efforts with other countries have denied Russia access to at least $450 billion since its full-scale invasion four years ago.

On Friday the United States agreed to extend the partial lift on sanctions on Russian oil exports. Does the Minister agree that this helps President Putin to fund his illegal and murderous war in Ukraine, and that it works directly against the national security interests of both Ukraine and the United Kingdom?

The issues to which the hon. Gentleman refers are of course for the United States. However, we are very clear that we will continue to ratchet up the economic pressure on Putin, to force him to come to the negotiating table and to provide support to Ukraine. Our sanctions remain in place, and we continue to work closely with others to increase that pressure. The Prime Minister, the Foreign Secretary and I have been very clear that we cannot allow the current global situation to result in any kind of bonanza for Putin.

The verified number of Ukrainian children stolen by Russia has increased—it now stands at 20,570. In part, that increase in the verified number is the result of the tracing mechanism supported by this Government, and we hope that work will continue. However, last month a report by the Yale Humanitarian Research Laboratory found that over the past two years the Russian state oil producers Rosneft and Gazprom have been implicated in the forcible deportation and re-education of at least 2,158 of those children. Will the Secretary of State review and fully investigate those findings and, where appropriate, consider the imposition of further sanctions?

As ever, my hon. Friend is right to raise this crucial issue. I was very privileged to see for myself the incredible work that we are supporting to trace what has happened to those Ukrainian children. The figure she has cited is correct, and it is absolutely appalling. I am very proud of the work that we are doing with other countries on that issue, and I will certainly look at the issues she has raised. Of course, we have already taken action against the oil companies she mentioned.

I call the shadow Minister.

In recent months, western sanctions have really been biting Putin, with the foundations of Russia’s economy failing. However, as we highlighted with the Office of Financial Sanctions Implementation in December 2025, concerns have been reported that Russian crude is reaching refineries—including one part-owned by Lakshmi Mittal—via shadow fleet vessels, showing that gaps remain. Will the Government now lead efforts to crack down on those networks and press those refineries in Turkey, China and India to stop processing Russian oil?

The right hon. Lady will know about the work we have already been doing on this crucial issue, which she is right to raise. We have been very clear on this. Under her Government, there was of course a ban on Russian liquefied natural gas imports, which we continued. We have gone further by announcing our intention to introduce a maritime services ban, and of course we will continue to co-ordinate with international partners on the issue she raises. We cannot allow those revenues to be used to fuel Russia’s terrible actions.