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Financial Services: Russia

Question for Treasury

UIN 154137, tabled on 14 April 2022

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of banning all transactions denominated in the Russian Rouble by UK individuals and entities.

Answered on

26 April 2022

We do not speculate on future sanctions, but have made clear that we will continue to ratchet up the pressure on Putin. In response to Russia's invasion of Ukraine we have announced an unprecedented package of sanctions. We have taken extensive action against the Russian banking sector, including designating almost all of Russia’s systemic banks and imposing financial restrictions against the Central Bank of Russia. This has the effect of preventing the majority of transactions between UK individuals and entities and the Russian financial sector, regardless of currency denomination.

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