Ian Liddell-Grainger on economic sanctions against Russia

The UK introduced new economic sanctions against Russia on Tuesday.

Under the sanctions, Russian ships are banned from entering British ports and "further UK individuals and entities" are restricted from making financial transactions with the Russian Central Bank.

When the sanctions were imposed, foreign secretary Liz Truss said: "We said Putin and those around him would pay the price for their unprovoked and illegal invasion of Ukraine, and we are being true to our word.

"The ban on Russian ships from UK ports, and new economic sanctions against key Russian financial institutions including its central bank, in close coordination with our allies, will degrade Russia’s economy and help make sure Putin loses.

"We stand with Ukraine, its people and its democracy, and will continue to support them diplomatically, economically, politically and defensively."

The measures introduced this week followed the Government's "first barrage" of sanctions imposed against Russia shortly before the invasion began, which saw the UK assets of five Russian banks and three oligarchs frozen.

According to news agency Reuters, the Russian rouble has "slumped to record lows against the dollar and euro".

Debris the State Emergency Service of Ukraine says was caused by a Russian missile strike in Kharkiv. Picture: State Emergency Service of Ukraine, PA Wire

Mr Liddell-Grainger, who represents Bridgwater and West Somerset, believes the sanctions imposed on Russia by the UK and its allies are starting to have an impact. 

"Putin may have his eyes fixed on his objectives in Ukraine but, if he bothered to look over his shoulder, he would see how his own country is already suffering economically,” he said.

"Russia is now a pariah state and, if there is anything heartening about this conflict, it is how the world has united to stand firm against Putin and his despicable warmongering.

"Armed force cannot, apparently, deter him from pursuing his crazed ambitions but the economic screw now being turned on his country is already starting to achieve the desired effects.

"The rouble is at an all-time low and on course to become worthless and the entire Russian economy is heading over a cliff.

"Anyone apart from a fanatic would have carefully weighed up Russia’s dependence on global economic forces and mechanisms before embarking on such a ruthless and reckless escapade.

"But Putin and Russia are now paying a painfully high economic price for his dictatorial ambitions – and are going to go on paying it for many years.

"The sanctions already imposed are starting to hurt and will soon hurt a lot more.

"When food prices soar, the shelves empty, pharmaceutical drugs become unavailable and large sections of the population find they cannot even feed themselves on their meagre incomes they will see the reality behind the state propaganda and there will be a dreadful reckoning."

Ian Liddell-Grainger MP believes "the entire Russian economy is heading over a cliff". Picture: Parliament UK (Image: UK Parliament)

Audiences watching coverage of the war on Russian state media are being told Ukraine is responsible for strikes on its own cities and that Ukrainian forces have committed war crimes in the Donbas region. 

Mr Liddell-Grainger added: "In Putin’s actions, we are seeing the same dominance of ego over intellect that has ultimately brought down all of history’s great dictators. 

"It is genuinely tragic to see so many peace-loving Russians caught up in this catastrophe but the longer Putin prosecutes this mission the more certain it is that they will see their country return to the status of a peasant economy."

Last week, Mr Liddell-Grainger said Mr Putin "has lost every shred of international respect he ever had". 

He also called him a "tyrant" and said: "We must do everything possible to thwart his ambitions because once he has Ukraine in his grasp, there is nothing to say he won’t be eying Poland or the Baltic states next."