Select committee: Treasury Committee

Russia: effective economic sanctions

Closed Opened 3 Mar 2022 Closed 1 Nov 2022

Treasury Committee Inquiry on parliament.uk ↗

Where it stands

The inquiry is closed, opened 3 March 2022.

The committee has published 1 report, most recently Twelfth Report - Defeating Putin: the development, implementation and impact of economic sanctions on Russia on 23 March 2022.

The government's response

Published 9 June 2022. The deadline was 23 May 2022.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The government's response agrees that the sanctions are having a "significant economic impact" on Russia, and replies to the Committee's recommendations on guidance, resourcing, cryptoassets, household costs, business support and energy.

On the Office of Financial Sanctions Implementation's resources, it "note[s]" the recommendation and says it "will continue to ensure that appropriate resources are in place". It is recruiting permanent staff, with OFSI "expected to at least double in size over financial year 2022/23".
On cryptoassets, it "recognises that cryptoassets have the potential to be used to evade sanctions" and says it "must remain vigilant". It says it is "actively exploring further steps" to help prevent evasion.
On household costs, it shares the Committee's view that the cost of failing to act "would have been far higher". It says it will "be ready to take further steps here if needed to support households".
On energy, it has "committed to phasing out Russian oil and coal by the end of 2022 and Russian liquefied natural gas imports as soon as possible thereafter".

Read the government's response ↗ Report an error

Reports

Twelfth Report - Defeating Putin: the development, implementation and impact of economic sanctions on Russia23 March 2022

All reports

Evidence

4 oral evidence sessionsLatest 22 June 2022
13 witnesses

All evidence

Recent activity

Letter from Giles Thomson, Office of Financial Sanctions Implementation, relating to the ‘Russia: effective economic sanctions’ inquiry, dated 5 September11 October 2022, Correspondence
Letter from HMRC, relating to its trade sanctions responsibilities, dated 8 July18 July 2022, Correspondence
Letter from the Chair to the Office of Financial Sanctions Implementation and Economic Crime, relating to the ‘Russia: effective economic sanctions’ session on 22 June, dated 5 July11 July 2022, Correspondence

Reports

1 report

Twelfth Report - Defeating Putin: the development, implementation and impact of economic sanctions on Russia

HC No.: HC 1186
Published: 23 Mar 2022
Items: 0
Government response: Government response published 9 June 2022 (deadline 23 May 2022). Read the government's response ↗

Oral evidence sessions

4 sessions

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Date	Session and witnesses	Source
22 Jun 2022	Oral evidence session Christopher Watts · HM Treasury, Giles Thomson · HM Treasury	View ↗
25 Apr 2022	Oral evidence session Dr Nigel Gould-Davies · International Institute for Strategic Studies, Elina Ribakova · Institute of International Finance, Neil Roberts · Lloyd’s Market Association	View ↗
14 Mar 2022	Oral evidence session Dr Amrita Sen · Energy Aspects, Nathan Piper · Investec, Professor Jagjit Chadha · University of Cambridge, Tony Danker · The Confederation of British Industry (CBI)	View ↗
7 Mar 2022	Oral evidence session Dr Justine Walker · Association of Certified Anti-Money Laundering Specialists, Natasha de Terán · The Financial Services Consumer Panel, Neil Shearing · Capital Economics, Tom Keatinge · Royal United Services Institute (RUSI)	View ↗

Who gave evidence

13 witnesses

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Witness	Organisation	Sessions
Christopher Watts · Deputy Director, Office of Financial Sanctions Implementation	HM Treasury	1
Dr Amrita Sen · Founder and Director of Market Intelligence	Energy Aspects	1
Dr Justine Walker · Head of Global Sanctions and Risk	Association of Certified Anti-Money Laundering Specialists	1
Dr Nigel Gould-Davies · Senior Fellow for Russia and Eurasia	International Institute for Strategic Studies	1
Elina Ribakova · Deputy Chief Economist	Institute of International Finance	1
Giles Thomson · Director, Economic Crime and Sanctions	HM Treasury	1
Natasha de Terán · Member	The Financial Services Consumer Panel	1
Nathan Piper · Head of Oil and Gas Research	Investec	1
Neil Roberts · Head of Marine and Aviation	Lloyd’s Market Association	1
Neil Shearing · Group Chief Economist	Capital Economics	1
Professor Jagjit Chadha · Professor of Economics	University of Cambridge	1
Tom Keatinge · Director of the Centre for Financial Crime and Security	Royal United Services Institute (RUSI)	1
Tony Danker · Director-General	The Confederation of British Industry (CBI)	1

Correspondence

6 letters

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Published	Direction	Letter
11 Oct 2022	To committee	Letter from Giles Thomson, Office of Financial Sanctions Implementation, relating to the ‘Russia: effective economic sanctions’ inquiry, dated 5 September
18 Jul 2022	To committee	Letter from HMRC, relating to its trade sanctions responsibilities, dated 8 July
11 Jul 2022	To committee	Letter from the Chair to the Office of Financial Sanctions Implementation and Economic Crime, relating to the ‘Russia: effective economic sanctions’ session on 22 June, dated 5 July
11 Jul 2022	To committee	Letter from the Financial Conduct Authority, relating to its financial sanctions responsibilities, dated 4 July
20 Jun 2022	To committee	Letter from the Chair to the FCA, relating to its financial sanctions responsibilities, dated 20 June
20 Jun 2022	To committee	Letter from the Chair to HMRC, relating to its trade sanctions responsibilities, dated 20 June