- On 24 February 2022, Russia began an invasion of Ukraine. In a statement to the House that same day, the Prime Minister made the following commitment in the face of Russia’s aggression:
Now we have a clear mission: diplomatically, politically, economically and eventually militarily, this hideous and barbaric venture of Vladimir Putin must end in failure. At the G7 meeting this afternoon, we agreed to work in unity to maximise the economic price that Putin will pay for his aggression. This must include ending Europe’s collective dependence on Russian oil and gas that has served to empower Putin for too long, so I welcome again Chancellor Scholz’s excellent decision to halt the certification of Nord Stream 2.
Countries that together comprise about half the world economy are now engaged in maximising economic pressure on one that makes up a mere 2%. For our part, today the UK is announcing the largest and most severe package of economic sanctions that Russia has ever seen. With new financial measures we are taking new powers to target Russian finance. In addition to the banks we have already sanctioned this week, today, in concert with the United States, we are imposing a full asset freeze on VTB [a Russian bank].[1]
- We deplore the illegal and unprovoked invasion of Ukraine by Russia. The Prime Minister was right to insist that the UK, alongside its international partners, implement stringent economic sanctions against Russia.
- This Report considers the impact and effectiveness of sanctions currently imposed by the UK, and the scope for applying further sanctions.
- The application of sanctions is co-ordinated across Government by various departments and units, each of which hold responsibility for discrete functions.[2] The Foreign, Commonwealth and Development Office (FCDO) is responsible for the UK’s international sanctions policy, including all international sanctions regimes and designations, and it negotiates all international sanctions.[3] The Office of Financial Sanctions Implementation (OFSI), which sits within HM Treasury, is the authority responsible for the implementation of the UK’s financial sanctions.[4] HMRC is responsible for enforcement against breaches of
- ↑ HC Deb, 24 February 2022, cols 564-565
- ↑ A previous Director of the OFSI, giving evidence to our predecessor Treasury Committee, described the Office of Financial Sanctions Implementation (OFSI) as “part of a single operation that needs to work together”. See evidence from Rena Lalgie, Economic Crime, 10 October 2018, Q376
- ↑ Office of Financial Sanctions Implementation, UK FINANCIAL SANCTIONS General guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018, December 2020, p9
- ↑ Office of Financial Sanctions Implementation, UK FINANCIAL SANCTIONS General guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018, December 2020, p9
