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

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".

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