The House of Commons Treasury Select Committee, which is chaired by Central Devon MP Mel Stride, kicked-off an inquiry on the effectiveness of economic sanctions against Russia this week. The Committee will investigate how economic sanctions can be applied to individuals, banks, companies and Government reserves, with experts in sanctions, economics and payments policy.
The inquiry will also explore the economic impact of the sanctions on the UK and how the Government can minimise potential increases to the cost of living. The role of the Economic Crime Bill in sanctioning Russian oligarchs, as well as the Government’s ability to enforce sanctions, will also be explored.
Mr Stride said:
“With the world shocked and appalled by Russia’s illegal invasion of Ukraine, time is of the essence to impose meaningful sanctions on the Russian state, businesses and oligarchs. As a committee, we want to ensure that the economic sanctions already proposed bite hard and we will be looking to identify further effective measures that can be taken.”
