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Written Question
Treasury: Economic Analysis
Tuesday 13th June 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish a list of the policies announced by His Majesty’s Opposition since 4 April 2020 in respect of which officials in his Department have produced formal analysis of the potential fiscal and economic impact, and if he will set out for each item (a) who was responsible for commissioning that analysis, (b) to whom that analysis was distributed, and (c) the date on which it was produced.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

There is a formal process for HM Treasury Ministers to commission officials to produce analysis of the potential fiscal and economic impacts of opposition policies. No formal analysis of opposition policies has been produced through this process in the period referenced.


Written Question
Central Bank of the Russian Federation: Freezing of Assets
Monday 22nd May 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish a breakdown by quantity and type of the Russian Central Bank assets frozen assets in the UK.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

In conjunction with our partners, we have blocked access to 60% of the Russian Central Bank’s foreign currency reserves globally. Under the Russia sanctions regime, the Russian Central Bank’s assets are not subject to an asset freeze but have been immobilised in the UK as a result of a prohibition on the provision of financial services in respect of these assets. HMT is working closely with relevant authorities to map where these assets are held in the UK.


Written Question
Central Bank of the Russian Federation: Freezing of Assets
Monday 22nd May 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many assets of the Russian Central Bank assets the Government has frozen.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

In conjunction with our partners, we have blocked access to 60% of the Russian Central Bank’s foreign currency reserves globally. Under the Russia sanctions regime, the Russian Central Bank’s assets are not subject to an asset freeze but have been immobilised in the UK as a result of a prohibition on the provision of financial services in respect of these assets. HMT is working closely with relevant authorities to map where these assets are held in the UK.


Written Question
Central Bank of the Russian Federation: Freezing of Assets
Monday 22nd May 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the value is of the frozen assets of the Russian Central Bank in the UK.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

In conjunction with our partners, we have blocked access to 60% of the Russian Central Bank’s foreign currency reserves globally. Under the Russia sanctions regime, the Russian Central Bank’s assets are not subject to an asset freeze but have been immobilised in the UK as a result of a prohibition on the provision of financial services in respect of these assets. HMT is working closely with relevant authorities to map where these assets are held in the UK.


Written Question
Sanctions: Russia
Wednesday 8th March 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what is the (a) total number and (b) combined value of all specific licences granted by the Office of Financial Sanctions Implementation for purposes of legal services under the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022 since the Legal Fees General Licence came into effect on 28 October 2022.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

The Office of Financial Sanctions Implementation (OFSI) publishes the number of financial sanctions licences issued in its Annual Review. Information about the total number of licences and the total number of legal fees licences that OFSI has granted for the last five financial years can be found in OFSI’s Annual Review documents, which are publicly available on OFSI’s website. OFSI will publish the latest figures in the next Annual Review in due course. OFSI does not publish details about individual licences granted, including source and quantum of funds licensed.


Written Question
Sanctions: Russia
Wednesday 8th March 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what is the (a) total number and (b) combined value of all specific licences granted by the Office of Financial Sanctions Implementation for purposes of legal services under the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022 since 24 February 2022.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

The Office of Financial Sanctions Implementation (OFSI) publishes the number of financial sanctions licences issued in its Annual Review. Information about the total number of licences and the total number of legal fees licences that OFSI has granted for the last five financial years can be found in OFSI’s Annual Review documents, which are publicly available on OFSI’s website. OFSI will publish the latest figures in the next Annual Review in due course. OFSI does not publish details about individual licences granted, including source and quantum of funds licensed.


Written Question
Office of Financial Sanctions Implementation
Monday 20th February 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many financial penalties have been issued by the Office of Financial Sanctions Implementation for breaches of sanctions under the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022; and what is the total value of those penalties.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

HM Treasury, through the Office of Financial Sanctions Implementation (OFSI), is the UK’s competent authority responsible for the implementation of financial sanctions. It is therefore the body responsible for civil enforcement of financial sanctions breaches.

The details of civil monetary penalties issued by OFSI are published on GOV.UK here [https://www.gov.uk/government/collections/enforcement-of-financial-sanctions].


Written Question
Office of Financial Sanctions Implementation: Staff
Monday 20th February 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many full-time equivalent staff were employed by the Office of Financial Sanctions Implementation in each of the last 5 years in each grade.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

HM Treasury and OFSI have been at the front and centre of an unprecedented financial sanctions response. Russia’s unprovoked and unwarranted attack on a sovereign nation brought war back to Europe.

The government has recognised this and strengthened OFSI’s powers to enforce financial sanctions as well as its resources. For Information on the staffing of OFSI at the end of 2021, I refer the rt hon Member to the answer given on 18 March 2022 to PQ UIN 138101. Information on OFSI staff numbers at end 2022 is available in the OFSI 2022 Annual review available here :

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1116689/OFSI_Annual_Review_2021-22_10.11.22.pdf


Written Question
Office of Financial Sanctions Implementation
Monday 20th February 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what is the total value of authorised waivers or exemptions to any sanction regime agreed by the Office of Financial Sanctions Implementation in each of the last five years, broken down by sanctions regime.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

HM Treasury does not comment on individual licensing cases.

The Office of Financial Sanctions Implementation (OFSI) does not disclose data from specific licences it has granted under UK sanctions regimes. Information about numbers of licences granted can be found in OFSI’s Annual Review which is publicly available on OFSI’s website.


Written Question
Sanctions: Russia
Monday 20th February 2023

Asked by: Pat McFadden (Labour - Wolverhampton South East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many times Ministers in his Department were (a) consulted on and (b) asked to authorise, waivers or exemptions for designations under the Russia (Sanctions) (EU Exit) Regulations 2019 sanctions regime and subsequent amendments.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

HM Treasury does not comment on individual licensing cases.

The Office of Financial Sanctions Implementation (OFSI) does not disclose data from specific licences it has granted under UK sanctions regimes. Information about numbers of licences granted can be found in OFSI’s Annual Review which is publicly available on OFSI’s website.