Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the financial impact on Russia's ability to continue to fund its war in Ukraine of the winding down transactions window granted to VTB Bank before sanctions come fully into force.

VTB Bank PJSC has been subject to a full asset freeze since 24/02/2022.

General Licence INT/2022/1272278 permits only the wind down of existing activity for third parties and expires on 27 March 2022. The general licence has been granted to reduce disruption in the UK financial system, not to permit VTB to proactively exit positions. It ensures that VTB will not benefit from a situation where UK persons cannot close out their positions or wind down transactions involving the bank.