Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, if she will publish a consolidated list of all Russian banks and comparable institutions which (a) are and (b) are not being sanctioned, together with an explanation of the decision not to impose sanctions on all the organisations listed and an estimate of the extent to which those which remain unsanctioned undermine the effectiveness of the sanctions against the Russian banking sector.

The UK Sanctions List, published by the FCDO on GOV.UK, is the comprehensive list of persons or ships designated. Additionally, there are entities listed in Schedule 2 of the Russia (Sanctions) (EU Exit) Regulations 2019, which are covered by sectoral financial measures. The UK is working with our international partners to ensure any action is coordinated and has the maximum impact on parties involved in the unlawful invasion of Ukraine. We will continue to work with allies to identify targets as appropriate.

We have made powerful designations including banking designations which will be the most significant financial sanctions in history. We have introduced asset freezes on major banks, a prohibition on clearing for Sberbank, and the removal of selected banks from SWIFT. We have cut off Russian banks with global assets of £348 billion as well as the central bank in Moscow. We are focusing on measures that have the greatest impact rather than the numbers.