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Treasury Committee investigates effectiveness of economic sanctions on Russia

3 March 2022

The Treasury Committee will kick-off an inquiry on the effectiveness of Russian economic sanctions at 1pm on Monday 7 March.

In the first session of the ‘Russia: effective economic sanctions’ inquiry, the Committee will explore what makes sanctions effective, and what future sanctions are available.

The Committee will investigate how economic sanctions can be applied to individuals, banks, companies and Government reserves, with experts in sanctions, economics and payments policy.

MPs will explore the economic impact of economic sanctions on Russia and the UK, and will consider how the Government can minimise potential increases to the cost of living as a result of sanctions.

The role of the Economic Crime Bill in sanctioning Russian oligarchs, as well as the Government’s ability to enforce sanctions, will also be explored.

Commenting ahead of the session, Rt. Hon. Mel Stride MP, Chair of the Treasury Committee, said:

“With the world shocked and appalled by Russia’s illegal invasion of Ukraine, time is of the essence to impose meaningful sanctions on the Russian state, businesses and oligarchs. As a Committee, we want to ensure that the economic sanctions already proposed bite hard and we will be looking to identify further effective measures that can be taken.”

Witnesses

Monday 7 March 2022

From 1pm:

  • Natasha De Terán, Payments Policy Expert
  • Tom Keatinge, Director of Centre for Financial Crime and Security Studies, The Royal United Services Institute (RUSI)
  • Neil Shearing, Group Chief Economist, Capital Economics
  • Dr Justine Walker, Head of Global Sanctions and Risk, Association of Certified Anti-Money Laundering Specialists (ACAMS)

Further information

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