On 11th September 2023, Bishop of Leeds tabled a question on the effectiveness of sanctions placed upon Russia following their invasion of Ukraine:
The Lord Bishop of Leeds: To ask His Majesty’s Government what assessment they have made of the impact of sanctions against Russia in the wake of its invasion of Ukraine.
Lord Ahmad of Wimbledon (Con, Foreign Office): My Lords, sanctions by the United Kingdom and its international partners have starved Russia of key western goods and technology, degrading Russia’s military and restricting its capacity to fight a 21st-century war. UK exports of machinery and transport equipment have decreased by 98%. Sanctions also limit Russia’s financial resources. The UK has sanctioned 29 Russian banks, accounting for over 90% of the Russian banking sector. We have also frozen over £18 billion-worth of Russian assets in the UK. Without sanctions, we estimate that Russia would have over $400 billion more to fund its war machine.
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