A PUBLIC inquiry into Russian money and corruption in the UK has been called for in the House of Commons — by Isle of Wight MP Bob Seely.

Sanctions against Russian oligarchs need to be followed by a public inquiry into dirty money in UK public life, ministers have heard.

Conservative MP for the IW, Mr Seely, told the Commons: “I would seek a public inquiry frankly into what has gone wrong in the last ten to 15 years because this system is becoming rotten at so many levels.

“The amount of money, the corruption to some of the standards in the legal firms, some of the former politicians on their side and on ours who are effectively the public spokesmen for these people.

“It is wrong and there is progress to be made.

“I support this Bill but it should be a start and not an end.”

He is seeking a public inquiry which would root out dirty money from UK public life.

Calls from both Labour and Conservative MPs to strengthen the sanctions regime came as MPs approved new measures against Russia over its invasion of Ukraine.

The package announced on Monday includes a full asset freeze for all Russian banks, as well as new powers to limit them from clearing payments in sterling.

Labour shadow foreign minister Stephen Doughty urged the Government to “go even faster and further”, warning in some cases the sanctions have been “off the pace” compared with allies.

He said: “As the humanitarian situation worsens, it’s a stark reminder of the urgency and the need to do everything we can to step up the pressure on Putin to end this bloody campaign.”

Mr Doughty said economic impacts on the UK are “no reason not to act robustly, broadly and swiftly”.

Mr Doughty added: “We’ve already heard rumours today of a number of people trying to dispose of assets and move money. And I do hope that the Government will name and shame those law firms and accountants who are facilitating this.”

Elsewhere in the debate Dame Margaret Hodge, also a Labour former minister, used parliamentary privilege to read out the names of ten Russian oligarchs with “links to the UK”, from a list of 105 who she said should be sanctioned.