Asked by: Will Forster (Liberal Democrat - Woking)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether his Department is taking steps to support British businesses that lawfully traded with now-sanctioned Russian (a) businesses and (b) people to help them to recover funds lawfully owed to them.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
Our sanctions are designed to minimise impact on the UK and avoid unintended consequences. The Department for Business and Trade has sought to minimise the impact on businesses through implementing appropriate exceptions, specific licences where appropriate, and wind-down periods when some sanctions are introduced. We have also published impact assessments alongside all Russia sanctions legislation.
The Office of Financial Sanctions Implementation has also issued General Licences to address a range of issues affecting stakeholders, including permitting activities related to recovering funds, under specific circumstances and conditions.