Opened the debate
The instrument amends the Russia (Sanctions) (EU Exit) Regulations 2019 and aims to strengthen sanctions against Russia. The UK has contributed £40 million to NATO's comprehensive assistance package for Ukraine, and new orders worth £300 million have been placed through the international fund administered by the UK. Sanctions are crucial in weakening Russia’s ability to attack Ukraine. The instrument enhances the UK’s power to target foreign financial institutions facilitating transactions on behalf of Russia’s military industrial base. It also broadens designation criteria under the Russia regime, allowing sanctions against ships involved in destabilizing activities towards Ukraine. Additionally, it enables targeting individuals or entities who provide financial and material support to Russian efforts.