Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

There were many questions there and I will try to be as precise as I can in responding. Ireland and other EU member states have asked for, effectively, an impact assessment as we go in respect of these sanctions. This war, though, has only been going on for a month. The first three rounds of sanctions packages happened over five days. Normally, it takes months to put an impact assessment in place. Therefore, everything in this regard is happening in fast-forward, if you like.

I understand the European Commission is constantly working on a rolling assessment of how these sanctions are working and biting, the impact of them and so on. The EU has also been asked to consider mitigation measures for member states in terms of the impact of sanctions here. Of course, agreeing sanctions packages to effectively disrupt trade between Russia and the EU has a big impact on the EU too. These sanctions damage our own economies but are more than justifiable given the extent of the aggression and scale of human misery linked to what is happening in Ukraine.

This is why I believe sanctions will continue to get stronger to act as a deterrent to the continuation of this war. I hope they will work in parallel with very proactive interventions to try to bring about the basis for a ceasefire. I will answer the question on the IFSC at the next opportunity but it is not primarily my responsibility.

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