Financial Services: Russia
The question
To ask the Chancellor of the Exchequer, what the total value of (a) funds, (b) near cash assets and (c) other financial instruments held by (i) the Bank of England and (ii) other UK licensed financial institutions is on behalf of Euroclear Group entities as a result of European Union sanctions on Russia.
Answered by Emma Reynolds
The Office of Financial Sanctions Implementation (OFSI) does not comment on individual entities.
Please note OFSI has no role in the implementation of any other country’s sanctions. Therefore, it is unable to comment on EU financial sanctions.
Every year, OFSI undertakes a frozen asset review, which requires all persons holding or controlling assets (including funds and economic resources) frozen as a result of UK financial sanctions to report the nature and values of these assets to OFSI. The 2023 Frozen Asset Review saw approximately £10.2 billion of funds reported to OFSI as frozen under the Russia regime. This figure does not include the value of all assets reported to OFSI as a part of the annual frozen asset review due to difficulties defining their values with accuracy. This may include the contents of safety deposit boxes or tangible assets.
OFSI’s 2023-2024 Annual Review can be found here:
OFSI Annual Review 2023-24: Engage, Enhance, Enforce - GOV.UK
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