Rosneft

Treasury written question – answered on 11th June 2018.

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Photo of Ian Austin Ian Austin Labour, Dudley North

To ask Mr Chancellor of the Exchequer, what steps the Government plans to take under the provisions of the Sanctions and Anti-Money Laundering Act 2018 in respect of the listing of shares in the Russian state-owned energy company Rosneft on the London Stock Exchange.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Council Regulation (EU) 833/2014 implements measures aimed at limiting investment in 11 Russian entities with a view to increasing the costs of Russia's actions to undermine Ukraine's territorial integrity, sovereignty and independence. Rosneft is captured by this Regulation, but this does not stop the London Stock Exchange allowing them to be listed. As we will be bound by EU sanctions until we leave the EU, if Rosneft can be listed on the London Stock Exchange according to the EU Council Regulation, the Financial Conduct Authority (FCA) is under no obligation to stop them from being listed. Until the Sanctions and Anti-Money Laundering Act is commenced, we will continue to impose sanctions in alignment with EU partners. The UK complies with EU sanctions, which include economic restrictions on Rosneft under the Economic Sanctions linked to the full implementation of the Minsk Agreements.

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