Freezing of Assets
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether his Department has faced legal challenge on the use of assets derived from sanctioned (a) individuals and (b) entities.
Answered by Stephen Doughty
UK financial sanctions limit the provision of certain financial services and restrict access to financial markets, funds, and economic resources. Financial sanctions do not involve a change in ownership of the frozen funds, or economic resources, nor are they confiscated or transferred to the Office of Financial Sanctions Implementation for safekeeping.
The G7 is providing Ukraine with $50 billion of funding as part of the Extraordinary Revenue Acceleration scheme. The first £752 million of the UK's £2.26 billion contribution was received by Ukraine earlier this month and will be used to strengthen their defence capabilities in the face of Russian aggression. The G7's funding will be repaid by the profits generated on holdings of immobilised Russian sovereign assets in the EU.
Separately, we continue our work at pace with allies to consider all lawful routes to ensure Russia pays for the damage it is causing Ukraine. The Foreign Secretary is having regular discussions with key partners on this issue, including at the Weimar+ Group on Monday 31 March.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →