Treasury written question – answered at on 24 March 2026.
Neil Shastri-Hurst
Conservative, Solihull West and Shirley
To ask the Chancellor of the exchequer, what steps she is taking to monitor the proposed involvement of UK listed firms in a takeover of Eurasian Resources Group to ensure no benefit to sanctioned Russian entities.
Lucy Rigby
The Economic Secretary to the Treasury
The Russia regulations prohibit the making available of funds or economic resources to a designated person without a licence. They also prohibit the provision of certain services to designated persons and persons connected with Russia.
UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world.
OFSI assesses every instance of reported non-compliance and takes action in all cases where we conclude a breach has occurred.
For serious breaches, OFSI may impose a civil monetary penalty. OFSI may also refer suspected criminal activities to law enforcement partners for investigation.
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
