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Call for Evidence

Are the UK’s Russian financial sanctions working?

In March 2022, the Committee published its report: Defeating Putin: the development, implementation and impact of economic sanctions on Russia.


The Committee would like to take further evidence on the UK’s financial sanctions on Russia, and would welcome written evidence on the following areas:


1. Whether financial sanctions instituted by the UK on Russia, are complete and effective in terms of the entities that have been designated, and the entities which have to comply with the rules?

2. Whether assets frozen as part of the UK’s financial sanctions on Russia should be confiscated, and whether there are legal precedents for such a move?

3. Whether financial sanctions imposed by the UK should be widened to include those who purchase Russian oil and gas?

4. The effectiveness of the work of the Office of Financial Sanctions Implementation (OFSI).

        Evidence would be welcome on, but does not need to be limited to:

        a.  Guidance provided by OFSI

        b.  OFSI’s licensing regime

        c.  The resources available to OFSI

        d. Enforcement work by OFSI

        e. OFSI's implementation and enforcement of the oil price cap

        f.  OFSI’s international cooperation

        g. OFSI’s work in the insurance sector

        h. OFSI’s work in the maritime sector


5. The effectiveness of the system of designation of financial sanctions, in that it relates to the implementation of financial sanctions, and the relationship between the designation and implementation of financial sanctions.

6. The implementation of financial sanctions against Russia by each part of the financial sector (including the insurance sector), and the maritime sector.

7. The mitigation of any unintended consequences of financial sanctions.



The Committee would welcome any submissions by 6.00pm on Thursday 28 March 2024.

This call for written evidence has now closed.

Go back to Are the UK’s Russian financial sanctions working? Inquiry