Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

-----or for the Russian leadership. I have made that very clear in this House. I understand fully people's anger towards Russia, the leadership and the Russian ambassador. My primary concern is with Irish citizens and vulnerable Irish citizens. Earlier, Deputy McDonald made the point about diplomacy and so forth. A Chargé d'Affaires located here or somewhere else will not do a whole lot. Let us be very honest with people about that. If you cut off diplomatic relations, you cut them off. That is something that at European level, along with all of the other measures that have been taken, has been discussed. Far greater things have been already decided upon. Bigger impact decisions have been taken by the European Union, with Ireland participating, in terms of unprecedented economic sanctions against Russia, denying the Russian Central Bank access to its foreign reserves and excluding the majority of its critical banks from the SWIFT mechanism. There is also the decision in terms of trade and the undermining of the industrial base. These are unprecedented sanctions that have real teeth and real impact on the ground in terms of Russia's economic and industrial capacity into the future. The issue will be to continue with them because they will have impacts. We have got to hold the line in terms of those sanctions for the longer haul. President Putin has crossed the line here in terms of his appalling, barbaric attack on the Ukrainian people.

In my view, the European Union has surprised international opinion generally in terms of its remarkable solidarity among 27 member states, the unity of purpose, the speed with which it has worked with the US, Canada and others to apply unprecedented sanctions against Russia, which are already having an immediate impact in terms of the Russian economy.

Russia's currency has crashed to record lows on foreign exchange markets. Its purchasing power on international markets has been significantly reduced. Inflation in Russia has risen significantly. The Russian Central Bank has hiked interest rates from 9% to 20% to prop up the currency. The Russian stock market has shut.

That is the real meat of what Europe and America are doing. We will to do more, if necessary. I do not accept the basic premise that has been articulated to the effect that Europe should split in different directions. Europe should stay solidly united in its response to this issue. In the discussion I had with the Ukrainian Prime Minister yesterday, he expressed a genuine desire for European Union membership on behalf of the Ukrainian Government and for Ukraine's application to be accelerated, which we support, as I have said.

I did not get to all the Deputy's questions but I might get to them in my next contribution. I have already indicated to Deputy Howlin that I am positively disposed to the Bill. I have to talk to other Ministers about what can be done in that regard.

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