Skip to main content

National Bank Trust: Sanctions

Question for Foreign, Commonwealth and Development Office

UIN 18944, tabled on 15 June 2022

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether the Government has considered imposing sanctions on National Bank Trust.

Answered on

20 June 2022

We assess that the National Bank Trust is owned by the Central Bank of Russia (CBR). The CBR is subject to a ban on the provision of financial services for the purposes of foreign exchange and asset management. Over 3 million Russian companies, including National Bank Trust, are barred from raising money in the UK's capital markets. While we do not speculate on future sanctions, nothing and no one is off the table and we will continue to ratchet up the pressure on Putin and his regime.

Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.