Yesterday, I raised in the Dáil the issue of Ireland being the best small country in the world for Russian oligarchs to channel their money, with €118 billion going through the IFSC since 2007, much of it through section 110 vehicles. On the back of the very worrying and dangerous situation that is developing in our world, I want to ask what we, as legislators, are going to do collectively to deal with Russia as much as we can. Do we need emergency legislation to deal with section 110? Do we need to bring in legislation to deal with the way in which this money is being funnelled? Do we need to bring in legislation to seize assets, either temporarily or, potentially, permanently? Is any of that being considered by the Government as part of a wider European plan whereby we would have to legislate ourselves?

Whatever we decide to do, we will do on a European level because that is the only way it is going to be effective. We need to hit Russia and we need to hit Putin where it hurts, and that is going to include financial sanctions and sanctions against the flow of money and banking activities. That may have a negative impact on our State, but we have to do it because it is the right thing to do. We will do it on a European level, because if we do it unilaterally, the money will just flow elsewhere and it will not have an effect.

There is going to be an emergency meeting of the European Council and I believe the Taoiseach will attend that this evening. Certainly, he has my support, the support of the Minister for Finance and the full support of the Government in signing up for any EU sanctions that are necessary, even if they, unfortunately, have a negative impact on us.