Banks: Russia
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of strengthening the sanctions regime so that investment into indebted companies cannot ultimately improve the position of sanctioned Russian banks.
Answered by Rachel Blake
Together with our international partners the UK has applied the most comprehensive sanctions ever imposed on a major economy. Nevertheless, we continue to keep our sanctions regimes, measures and effectiveness under constant review and adapt them to respond to evolving risks.
UK financial sanctions prohibit making funds or economic resources available, directly or indirectly, to designated persons, including sanctioned Russian banks, and prohibit circumvention of these measures. The UK has also implemented a prohibition on investments in relation to Russia. All UK entities are required to comply, supported by robust enforcement across government, but it is our long-standing policy not to comment on individual companies or investments.
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