To ask Mr Chancellor of the Exchequer, whether he has asked the Financial Conduct Authority to review its processes to ensure that companies seeking listings on the London Stock Exchange which are subject to (a) US and (b) EU sanctions are investigated on national security grounds; and if will he make a statement.
Sanctions of third countries do not affect whether companies should be allowed to float on the London Stock Exchange. We impose sanctions, either unilaterally or through the EU, when we have sufficient evidence to prove that sanctions on a person or company satisfy the purposes of the regime in question. Any company that is subject to relevant EU sanctions will not be allowed to list, and these sanctions additionally prevent designated persons from being the beneficiaries of the proceeds of a listing. This is also true for persons that are listed under a UK autonomous sanctions regime.