Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

I am pleased to hear that response. There has to be a financial consequence. We have seen from other international disputes that where financial sanctions are imposed, it has a significant consequence. I have no doubt the very broad range sanctions that have been imposed upon Russia have affected President Putin and his support base, even though it may not be apparent to us at this stage.

It is worthwhile to look at the proposal that has been advanced in Belgium. There is a recognition of the question that if assets have been frozen, what is going to happen to them in due course. Are we going to return them to Russia? Obviously, if Russia withdrew from the invaded part of Ukraine and the Crimea, the assets would be unfrozen, but there seems to be no prospect of that happening in the near future or, indeed, the long-term future. As a result, there needs to be a recognised financial penalty imposed upon a country that has been involved in the crime of aggression.

Another issue that we need to consider is bringing into Irish law the crime of aggression. There has to be a financial consequence for Russia when we look at the financial devastation it has imposed upon Ukraine. I think the cost to Ukraine to date is somewhere in the region of $400 billion.

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