Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, for what reason not all Russian banks have had sanctions imposed upon them in response to Russia’s invasion of Ukraine.

The UK has sanctioned 20 Russian banks, with global assets of around £940 billion. Systemically important Russian banks have either been designated for an asset freeze, or have had their assets frozen through designations against individuals who own or control those institutions. This accounts for over 80% of the Russian banking sector.

We have already blocked access to £275 billion of the Russian Central Bank's foreign currency reserves which makes up 60% of Putin's 'war chest' of foreign reserves. We will continue to pressure Putin's regime, including through further sanctions designations along with the humanitarian, economic and military support we are providing to Ukraine.