Central Bank of the Russian Federation: Freezing of Assets

Treasury written question – answered on 22nd May 2023.

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Photo of Pat McFadden Pat McFadden Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, what the value is of the frozen assets of the Russian Central Bank in the UK.

Photo of Pat McFadden Pat McFadden Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, how many assets of the Russian Central Bank assets the Government has frozen.

Photo of Pat McFadden Pat McFadden Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, if he will publish a breakdown by quantity and type of the Russian Central Bank assets frozen assets in the UK.

Photo of Gareth Davies Gareth Davies The Exchequer Secretary

In conjunction with our partners, we have blocked access to 60% of the Russian Central Bank’s foreign currency reserves globally. Under the Russia sanctions regime, the Russian Central Bank’s assets are not subject to an asset freeze but have been immobilised in the UK as a result of a prohibition on the provision of financial services in respect of these assets. HMT is working closely with relevant authorities to map where these assets are held in the UK.

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