FOREST of Dean MP Mark Harper says that sanctions brought against Russia by the UK Government following this week’s invasion of Ukraine “must be sustained” if they are to be successful in deterring the Putin regime.

Speaking in the House of Commons yesterday (Thursday, February 24), Mr Harper welcomed the sanctions but said the Government “must be honest” with the British public that they will come at an economic cost.

He added that the cost “is one we must pay” and “pales in significance” compared to the lives of Ukrainian people - a view that was echoed by Prime Minister Boris Johnson.

Mr Harper told the floor of the house: “I welcome the package of sanctions set out by the Prime Minister and the fact that he’s confirmed more will come.

“If they are to be successful at punishing President Putin for what he has done to date, and deterring him from going further and attacking NATO partners, they must be sustained.

“If they are to be sustained, we must be honest with the British people that there is going to be a cost for them.

“We are gonna have to pay an economic cost, but it’s a cost we must pay, and it pales in significance compared to the cost of the people of Ukraine.”

Prime Minister Boris Johnson replied: “Not only is that true, but the opportunity and reward for success - and being strong - is huge, because if this should end with the rejection of aggression and the rejection of the Putin regime’s view of the world, then that would be a massive, massive benefit - an economic benefit as well - to the whole world.”

The Prime Minister announced that the UK and allies would launch a “massive package” of sanctions to “hobble” Russia’s economy yesterday afternoon, after Russian forces launched a military invasion of Ukraine in the early hours of Thursday morning following weeks of growing tensions.

The sanctions announced yesterday include the the freezing of assets and the exclusion of all major Russian banks from the UK financial system.

There will also be legislation to stop major Russian companies and the state from raising finance or borrowing money on UK markets, while more than 100 businesses or individuals “at the heart of Putin’s regime” will be hit with sanctions worth hundreds of billions of pounds, as well as asset freezes and travel bans.

Russia’s national airline Aeroflot will be banned from UK airspace, and there will be a limit on deposits Russians can make in UK bank accounts.

The Government also plans to stop exports of high-tech items and oil refinery equipment, and there will be a suspension of dual-use export licences to cover components that can be used for military purposes.

Similar sanctions will be extended to Belarus for its role in the invasion this week.

The UK will also work with its allies to exclude Russia from the SWIFT financial system.