Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will hold discussions with representatives of Skrill of the potential merits of blocking people in Russia from using that financial service.

HM Treasury and the UK regulatory authorities have proactively engaged with the financial services sector, including representatives of cryptoasset businesses, electronic money institutions and payment services providers, to ensure that the implications of the Russia sanctions are understood.

Under the UK’s Money Laundering Regulations, cryptoasset businesses, electronic money institutions and payment service providers, such as Skrill, are expected to apply risk-sensitive customer due diligence measures in order to identify and verify the customer and understand the purpose behind their transactions, when considering the services they provide to current or potential customers.

This includes checking that the customer is not subject to sanctions, and does not intend to use the services for criminal purposes, including assisting others in the evasion of sanctions. Risk assessments by firms must also include consideration of geographical risk factors, including the country where the customer is resident.