Banks: Russia

(asked on 7th February 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what information his Department holds on the level of Russian Central Bank reserves held in the UK; and in what form those reserves are held.

Answered by
Andrew Griffith Portrait
Andrew Griffith
Minister of State (Department for Science, Innovation and Technology)
This question was answered on 21st February 2023

In conjunction with our partners, we have blocked access to £275 billion of the Russian Central Bank’s foreign currency reserves globally. Under the Russia sanctions regime, the Russian Central Bank’s assets have been immobilised in the UK as a result of a prohibition on the provision of financial services in respect of these assets. We continue to work with relevant stakeholders on the implementation of this sanction.

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