Freezing of Assets: Iran

HM Treasury written question – answered at on 10 March 2016.

Alert me about debates like this

Photo of Robert Jenrick Robert Jenrick Conservative, Newark

To ask Mr Chancellor of the Exchequer, what the Government's timetable is for the release of sanctioned Iranian assets; and what value of those assets the Government expects to release in 2016 and 2017.

Photo of Robert Jenrick Robert Jenrick Conservative, Newark

To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the value of sanctioned Iranian assets currently held by (a) the Government and (b) any other entity within the UK.

Photo of Robert Jenrick Robert Jenrick Conservative, Newark

To ask Mr Chancellor of the Exchequer, what the value is of sanctioned Iranian assets which have been released by the Government or any other entity within the UK since the conclusion of the Iranian agreement in May 2015.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

Financial sanctions are implemented in the United Kingdom by HM Treasury. When assets are frozen they remain where they are held and are not seized or confiscated by the government or the Treasury. As such, the government does not hold frozen assets belonging to designated Iranian or other persons subject financial sanctions.

Every year the Treasury requests information from businesses on funds they hold that are frozen under financial sanctions legislation. The most recent data from September 2015 showed that there was approximately £728,450,000 of funds frozen under the Iran (non-proliferation) sanctions regime.

In July 2015 the EU/E3+3 and the Islamic Republic of Iran reached a Joint Comprehensive Plan of Action (JCPoA). On 16 January 2016 the initial sanctions relief provided for under the JCPoA came into effect. Part of this relief included the lifting of the asset freeze against certain individuals and entities with frozen balances of approximately £657,830,000. Therefore approximately £70,620,000 remains frozen.

The next phase of sanctions relief under the JCPoA is due on Transition Day in eight years’ time, or when the International Atomic Energy Agency has concluded that all nuclear material in Iran remains in peaceful activities, whichever is earlier.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.