Question to the HM Treasury:

To ask His Majesty's Government what estimate they have made of the total value of the assets in the UK belonging to sanctioned Russian citizens.

Between February and October 2022, £18.39 billion in frozen funds were reported to the Office of Financial Sanctions Implementation (OFSI) as being held or controlled on behalf of an individual or entity designated under the Russia sanctions regime. This is in addition to frozen funds reported to OFSI as part of the 2021 Frozen Asset Review, which totalled £44.5 million under the Russia regime. These figures are provided in aggregate so as not to disclose the value of any funds held by particular individuals. HM Treasury does not break down reported assets in the manner requested.

Each year, OFSI undertakes a review of frozen assets as a result of UK financial sanctions legislation. The value of assets reported to OFSI as part of the 2022 Frozen Asset Review will be published in OFSI’s 2022-2023 Annual Review, in Autumn 2023.