On Monday, UK prime minister Boris Johnson urged Western nations to move “step-by-step” away from dependence on Russian fuel and energy supplies following Russia’s invasion of Ukraine. Following his appeal, the government’s Economic Crime Bill was passed through the House of Commons unopposed.
The PM made his case to Western allies after holding talks on Monday with his Canadian and Dutch counterparts, Justin Trudeau and Mark Rutte, where further possible economic sanctions to be taken against Russia were discussed.
While Johnson was clear that Europe needed to free itself from energy dependence on Ukraine’s aggressor, Rutte warned that a full embargo on Russian fuel and energy supplies with immediate effect would have “enormous consequences”.
Rutte said that a move away from using Russian supplies would need to be “diligent and not overnight” and come in tandem with increased use of renewables, warning that an embargo with immediate effect on Russian energy would “undermine supply chains the world over” and “impact on Ukraine itself.”
Johnson also stressed that the move needed to be “step-by-step” rather than an overnight transition to avoid immediate energy hardship.
Elsewhere, the US has indicated that it is considering implementing a full embargo on Russian oil, and Johnson admitted that other Western allies were “moving very, very fast” on action and measures that previously would not have been considered are “now very much on the table”.
The PM indicated that he would outline a new energy supply strategy over the coming days, which would see the UK use more of its own fossil fuels but not renege on its climate change goals.
Russian gas accounts for some 40 per cent of the EU’s overall supply, while a meagre five per cent of UK gas comes from Russia.
Later on Monday, the government’s Economic Crime Bill was backed by all parties in the House of Commons in order to implement its measures as quickly as possible.
The legislation is intended to prevent oligarchs and companies close to Vladimir Putin from using the City of London for money laundering and other illegal activities.
Home secretary Priti Patel said that the UK “must send a strong signal that it will not be a home for corruption”, with measures in the Bill including the provision of a new register which obliges foreign owners of businesses to declare and verify their identities, with prison sentences of up to five years for non-compliance.
The Bill will also hand UK authorities greater ability to sanction individuals and companies that have already faced punitive measures from the US and EU, and Unexplained Wealth Orders will be made more robust to help tackle cases where money that is suspected of being acquired illegally is invested into property in the UK.
Campaign group Transparency International has conducted research which suggests that £1.5 billion worth of UK property had been purchased by Russian individuals either with links to the Kremlin or had been previously accused of corruption.
During the reading of the Bill and ensuing debate, some MPs called for Westminster to go further with sanctions against Russia and seize the assets of oligarchs rather than simply freezing them as has been the case thus far. However, several amendments were voted down and the Bill passed through the Commons unopposed.
Later this week, defence secretary Ben Wallace is expected to outline further "lethal and non-lethal" support to Ukraine as the armed conflict continues. Wallace is set to update MPs in a statement on Wednesday outlining further details of the nature of aid being provided.
The UK has already promised a total of £400 million of aid to Ukraine.
Image taken from Wikimedia Commons
