Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the cost is of maintaining and servicing assets seized under the sanctions regime related to Russia's invasion of Ukraine.

HM Treasury does not have powers to seize assets under the Russia sanctions regime, and so incurs no costs in maintaining or servicing assets.

The Office of Financial Sanctions Implementation, part of HM Treasury, is responsible for implementing financial sanctions in the UK. Where the financial sanction is an asset freeze, it is generally prohibited to:

• deal with the frozen funds or economic resources, belonging to or owned, held or controlled by a designated person

• make funds or economic resources available, directly or indirectly, to, or for the benefit of, a designated person

• engage in actions that, directly or indirectly, circumvent the financial sanctions prohibitions

The funds and economic resources are to be frozen immediately by the person in possession or control of them. An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they confiscated or transferred to HM Treasury for safekeeping.