PARLIAMENTARY WRITTEN QUESTION
Sanctions: Russia (5 September 2024)
Question Asked
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what his policy is on the ownership of interests in UK oil and gas companies by sanctioned Russians.
Asked by:
Mike Martin (Liberal Democrat)
Asked by:
Mike Martin (Liberal Democrat)
Answer
If the UK sanctions an individual, their UK assets are frozen. Sanctioned individuals cannot access frozen funds or obtain any financial benefit (including from ownership of interests in UK companies) without HMT/OFSI granting a licence.
Additionally, the National Security and Investment Act allows HMG to intervene in transactions that threaten national security.
Answered by:
Stephen Doughty (Labour)
17 September 2024
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