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Tory Donor Warns David Cameron Against 'Absurd' Russia Sanctions

Big Tory Donor Really Doesn't Want Cameron To Punish Putin Any More
Asa Bennett
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British Prime Minister David Cameron, right, meets with Russian President Vladimir Putin at Charles De Gaulle Airport in Paris, as they travelled to France ahead of the 70th anniversary of D-Day commemorations, Thursday June 5, 2014. David Cameron said he gave Russian president Vladimir Putin a
ASSOCIATED PRESS

David Cameron has been warned that European and US sanctions against Russia could cost British jobs by Tory peer and major party donor Lord Bamford.

The Tory peer, who is chairman of JCB, which exports construction equipment to Russia, hit out at the "absurd" situation which meant his company would suffer due to sanctions "coming out of Brussels" which could "put hundreds of British jobs at risk".

Lord Bamford, who along with his family has given millions to the Conservative party, explained: “We ship both machines and spare parts to Russia and are the market leader for construction equipment in the country. If sanctions restrict sales of machines and spare parts, there will be obviously be a major impact on JCB, which could put hundreds of British jobs at risk.

“It seems absurd that a leading UK exporter, successfully selling machinery to construction companies and farmers in Russia, could be affected so dramatically by EU sanctions coming out of Brussels.”

See also:

How Britain Is Biggest Banker For Russian Business (GRAPH)

10 Tory Donors Who Have Dined With Cameron (That You Didn't Know About)

5 Russian Donors And Pals The Tories Would Prefer You Forgot

The JCB boss' warning comes days after EU leaders decided to impose further sanctions against Russia after the downing of Malaysia AIrlines flight MH17 in Eastern Ukraine last month, marking the latest escalation in tensions between the West and Moscow.

Ten Tory Donors You Need To Know
Michael Hintze (01 of09)
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Hedge fund managerThe Australian-British businessman made his £1.2bn fortune after launching his own hedge fund, CQS, in 1999. Hintze became of the Tories' biggest sugar daddies, having written out cheques for nearly £4 million in loans and donations.He has frequently offered the Tories the use of his private jet, with David Cameron and George Osborne jumping on board to fly back from the 2008 Tory conference and Liam Fox using it to travel with his chum Adam Werrity to the U.S in May 2011.And we all know how that journey with Werrity and Fox ended up - a ministerial resignation. (credit:Getty)
John Nash(02 of09)
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Job: Private equity tycoon - and now Lord and government ministerNash must have been honoured in January 2013 to not just be drafted into government but also given a peerage. He had been a faithful backer of the Tories, giving nearly £300,000 to the party since 2006. Nash's interest in education matters would have been developed by his management of the Pimlico Academy, which he took over in 2008.
James Lupton(03 of09)
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Banker and Tory co-treasurer Lupton was drafted into the Tory ranks to be their co-treasurer just this February. He has been a loyal party supporter, paying out £255,000 in the first quarter of this year. He's got a personal fortune of £130 million and is a partner at Greenhill bank. Lupton also has a stake in Vestra Wealth, which offers clients advice on "tax-planning vehicles". (credit:Getty)
Adrian Beecroft(04 of09)
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Venture capitalist guru and Aston Martin afficionadoChairman of Dawn Capital, Beecroft shot into the premier league of Tory donors in giving £500,000 to the party since 2006. With controversial investments in companies like quick loan firm Wonga, Beecroft was tapped by Vince Cable in 2011 to lead a government review of employment law. His conclusions? Sort out the economy by making it easier to fire people. The review's "fire at will" conclusion did go down rather awkwardly with the govenrment, who had to try not to be seem too ungrateful for his work.Cable did let the side down though in branding Beecroft's work "complete nonsense".
Sir Anthony Bamford(05 of09)
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JCB construction equipment mogul Businessmen don't come bigger than Sir Anthony Bamford, boss of digger manufacturers JCB. He's worth £1.2 billion and knows how to flaunt it.A collector of vintage Ferraris, Sir Anthony donated £1m to the Tory Party before the 2010 General Election. Cameron tried to recommend him for a peerage in 2010, but he withdrew his name.Sir Anthony's interest appears to have inspired a load of the Bamford brethren to come forward to offer donations.Totting up donations from the 2001 and the summer of 2010, all from Anthony Bamford, Mark Bamford, George Bamford, JCB Bamford Excavators, JCB Research, and JCB World Brands, you get to a princely sum of £3,898,900. No wonder Cameron was so keen to get him into the House of Lords - Bamford got his whole family on board to back him.
Lord Michael Ashcroft(06 of09)
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Businessman and ex-Tory treasurer and deputy chairInternational businessman and jetset philanthropist Michael Ashcroft was a rather big, if problematic, donor for the Tories.Lord Ashcroft gave the Tories over £4 million, sinking millions into marginal seats for the Tories' 'battleground' electoral strategy.Due to his business activities in Belize, his tax status did cause major headaches for David Cameron and ex-Tory leader William Hague. Hague had even more to worry about as he had recommended Ashcroft for a peerage, believing that the businessman was based in the UK. Years later, Ashcroft admitted he was "non-domiciled" in the UK for tax.After a spell as Tory Deputy Chairman from 2005 to 2010, Ashcroft stepped down and penned a blistering critique of how Cameron went wrong.Now he carries on in that vein as a major pollster, never shy of putting out results showing how Cameron isn't doing well as PM either. (credit:Getty)
Aidan Heavey (07 of09)
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Oil BaronAs head of Tullow Oil, Aidan Heavey is sitting nicely on a salary of over £2.3 million. He also gave the Tories £10,000 before the 2010 General Election.The Foreign Office has been accused of leaking confidential documents to Tullow Oil, while lobbying on their behalf in a legal dispute over tax. Labour MP Cathy Jamieson asked Prime Minister David Cameron about the matter recently, saying: "Perhaps the Prime Minister could tell the House whether Mr Aidan Heavey's donations to the Conservative Party had any influence on the Foreign Secretary's intervention in his company's tax dispute?"Cameron dismissed such allegations, while William Hague seemed to be seen muttering "stupid woman" in response.
Peter Cruddas(08 of09)
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Financier and former Tory co-treasurerMulti-millionaire Cruddas made his fortune in the City at the head of CMC Markets.He grew close to the Tories, donating £100,000 in the last quarter of 2010 and £50,000 in the first week of the 2010 general election campaign. He got even closer, becoming their co-treasurer in 2011.It sadly ended in tears in March 2012 when the Sunday Times recorded him seemingly saying that you could get access to the Prime Minister or Chancellor for "Premier League" donations of between £100,000-£250,000.Despite resigning from his post as co-treasurer, Cruddas remained valiant and sued the Sunday TImes alleging libel. (credit:Getty)
Stuart Wheeler(09 of09)
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Spread-betting mogulAfter making a fortune at the head of spread-betting firm IG Index, Wheeler had many millions sloshing around. He says he was worth £90m although the Sunday Times valued him at £40m. He made sure to put his money to use, at one point giving the Tories £5m in a single donation.Wheeler knows he was a big-hitter in the Tory ranks, once boasting to MPs that "a party is going to take more notice of somebody who might give them lots of money than somebody who won't". The Tories' big bankroller has now taken his fat chequebook over to Nigel Farage's team, becoming UKIP Treasurer in 2011. (credit:Unknown)

The latest sanctions are aimed at Russia's oil industry, defence, dual-use goods and sensitive technologies, but there are fears that they will have knock-on effects for EU firms. Last September, JCB chief executive Alan Blake praised Russia “as one of the jewels in the crown of JCB’s global sales regions”.

Bob Dudley, chief executive of the oil giant BP, recently warned that further sanctions could have a "material adverse impact" on business.

Chancellor George Osborne has signaled that he is prepared for the UK to be hit as a knock-on effect of any further financial sanctions brought in against Russia, with the City of London already braced for any impact.

Meanwhile, Ian King, head of the global defence giant BAE Systems, suggested that commercial airlines may be more keen to use military equipment in the wake of the MH17 plane crash.

“After events that have recently happened to commercial airliners [I can see] a lot more of our technology being used," he said.

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