Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many applications for a licence to allow an activity or transaction that would otherwise be prohibited by the Russia (Sanctions) (EU Exit) Regulations 2019, as amended, were (a) submitted to and (b) approved by the Office of Financial Sanctions Implementation in (i) 2020; (ii) 2021 and (iii) 2022.

The Office of Financial Sanctions Implementation (OFSI) is responsible for financial sanctions enforcement. OFSI may issue a financial sanctions licence to allow an activity that would otherwise be prohibited under UK sanctions regimes.

The Russia (Sanctions) (EU Exit) Regulations 2019 (“the Russia Regulations”) came into force on 1 January 2021. OFSI are able to provide the requested figures for the calendar years 2021 and 2022 year to date.

In 2021, OFSI received 11 specific licence applications to allow an activity or transaction that would otherwise be prohibited by the Russia Regulations. In the same period, OFSI approved 9 new or amended licences under the Russia Regulations.

In 2022 to date, OFSI has received 1031 specific licence applications. Most recent records show that OFSI has currently issued 82 new or amended licences to allow an activity or transaction that would otherwise be prohibited by the Russia Regulations. The issuance of general licences by OFSI – licensing a broad class of activity under the Regulations - has also led to specific licence applications being withdrawn.