I was able to intervene this morning in the debate on the Russian annexation of Crimea, asking whether there were any means by which success of the international sanctions against Russia could be measured. Sadly, it seems from the evidence available that they have not been totally effective, although I was interested to note the Minister confirm that such sanctions were ongoing.
My hon. Friend is painting a very bleak picture, but in his introduction, he mentioned sanctions applied to Russia by the United States, the European Union and other allies. Do we have any measure of how effective those sanctions have been?
I thank my hon. Friend for that question. Interestingly, in the other place, Lord Ahmad said that those sanctions had been very good at sending a clear and united message that Russian aggression in Ukraine would not be tolerated. However, I am not sure that they have had that much effect in practice: for example, Russia has been able to get round the arms embargo. The only sanction that has had some impact on the state of Russia has been the measure to deprive it of access to the financial markets in London and elsewhere.