To ask Her Majesty's Government what plans they have, if any, to use the Russian Central Bank’s frozen reserves to help rebuild the Ukrainian economy.
Answered on
5 April 2022
The UK has not imposed an asset freeze against the Central Bank of Russia (CBR). On 1 March, the UK imposed sanctions that prohibit a UK person from providing financial services for the purpose of foreign exchange reserve and asset management to the Central Bank of Russia, the Ministry of Finance and the National Wealth Fund (or persons owned or controlled by them or acting on their behalf). The EU have imposed similar restrictions.
HM Treasury is not responsible for holding frozen assets. On the enactment of an asset freeze, the funds and economic resources are to be frozen immediately by the person in possession or control of them. An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they confiscated or transferred to HM Treasury for safekeeping. Any release of frozen assets can only be accomplished legally with a licence from the Treasury’s Office of Financial Sanctions Implementation.