Asked by: Calum Miller (Liberal Democrat - Bicester and Woodstock)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the amount of Russian assets held by sanctioned individuals in the UK; and how much and what proportion of those assets have been recovered.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, announced in December that £22.7 billion in Russian Assets has been reported as frozen as of October 2023. This figure is provided in aggregate so as not to disclose the value of any funds held by particular designated persons and is a cumulative total of assets reported.
An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they transferred to HM Treasury. Any interest accrued on these assets is subject to the asset freeze, to be frozen immediately by the person in possession or control of them.