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Russia: Freezing of Assets

Question for Foreign, Commonwealth and Development Office

UIN HL469, tabled on 24 May 2022

To ask Her Majesty's Government what consideration they have given to utilising frozen Russian assets; and whether they could be repurposed (1) to provide victims with reparations, or (2) to help to rebuild Ukraine.

Answered on

10 June 2022

When a person or organisation is subject to an asset freeze, any funds or economic resources belonging to them will be frozen immediately by the person in possession or control of them. An asset freeze does not lead to a change of ownership, and the release of frozen assets may only be accomplished legally with a licence from the Treasury's Office of Financial Sanctions Implementation. The UK along with our allies will continue to put more pressure on Putin's regime until he withdraws his troops and ends this unjust war. Nothing and no one is off the table.