MPs push for Russian asset seizures as Government targets tech and diamond trade

Several MPs have suggested the Government should move beyond sanctions and seize Russian assets, as they approved new measures targeting the tech and diamond trades.

Introducing the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025, which MPs later agreed, Foreign Office minister Stephen Doughty described sanctions as “a powerful tool in our armoury”.

He told the Commons: “We’re working at pace with international partners to look at all lawful means to ensure that Russia pays for the horrific damage and destruction that it has done in Ukraine.”

But Liberal Democrat home affairs spokeswoman Lisa Smart suggested the Government “should consider moving on a unilateral basis” if ministers fail to strike an agreement with their counterparts overseas.

The approved regulations introduce targeted software sanctions so individuals and companies must not transfer computer programmes to people in Russia.

The restrictions apply to business and industrial design software, and oil and gas-related programmes and technology.

They also ban UK importers from bringing in synthetic diamonds manufactured in Russia then altered or processed in a “third country” – outside Russia, the UK and the Isle of Man.

Mr Doughty said the Government was “leading the way in targeting Russia’s revenues, bearing down on its military-industrial complex and deterring and disrupting Iran’s support to Russia”.

He added: “This instrument allows us to go even further in our efforts to target Russia’s revenue streams and prevent the Kremlin from building its military and industrial capabilities, and it introduces a package of over 150 new trade sanctions.

“This includes new innovative measures that will prevent UK expertise from being used in Russia’s defence and energy sectors.”

Intervening, DUP MP for Strangford Jim Shannon asked whether the Government could pursue frozen Russian assets with “a vengeance” and “a zest – an evangelical zest”.

He added: “If we squeeze them on the frozen Russian assets, then we can use that for the benefit of Ukraine and indeed strengthen everyone on the side who supports Ukraine.”

Liberal Democrat Europe spokesman James MacCleary later said the UK “should begin the seizure, not just the freezing, of Russian state assets”.

He replied “absolutely” after Ms Smart asked him whether he agreed that if multilateral agreement “can’t be found, we should consider moving on a unilateral basis in a leadership role for the United Kingdom”.

At the despatch box, Conservative shadow Foreign Office minister Wendy Morton told MPs: “On these benches, we support the draft order and all measures that bear down on (Vladimir) Putin’s regime and undermine his ability to prosecute the barbaric, illegal invasion of Ukraine.

“We support the further measures on technology transfers and software, on diamonds and chemicals, and the other measures to tighten both the import and export regime, and of course all of these are built on the critical mass of sanctions introduced by the Conservative government.”

Referring to £2.5 billion generated from the sale of Chelsea FC in 2022, which was frozen as a result of sanctions on its former owner Roman Abramovich, Ms Morton asked the minister: “When is his internal deadline for getting the proceeds from the sale of Chelsea Football Club out the door, and how exactly does he envisage the money being spent?”

Mr Doughty said in his response: “We are determined to see the proceeds reach humanitarian causes in Ukraine as soon as possible, and we’re doing everything we can to bring that about quickly.”

He described a “complex legal issue” but added the Government was “exploring all options to ensure the proceeds reach vulnerable people in Ukraine who are most in need”.