To ask the Minister for the Economy to detail (i) the implications of the recent sanctions on the Russian Federation for Northern Ireland businesses which currently trade there; and (ii) any support available from his Department for those businesses financially impacted by these sanctions.

The purpose of the sanctions implemented by the UK Government, which I support, is to disrupt and isolate the Russian economy. Naturally, this will limit the ability of UK businesses to access the Russian market as normal. In that context Northern Ireland’s trade with Russian is small, accounting for less than 1% of the export and import of goods in 2020.

My officials are aware of some limited cases where NI businesses have experienced disruptions in connection with the sanctions against Russia. While these have not proved to be significant at this stage, they continue to monitor the situation closely.

Companies doing business with countries subject to sanctions must accept the risks of doing so, just as they accept other political and market risks. I would therefore encourage businesses to ensure that their activities are compliant with the current sanctions against Russia and seek legal advice if necessary. A range of information, advice and guidance is available on gov.uk, including through the Export Support Service and a dedicated Russia-Ukraine enquiry service.