Rosneft

(asked on 5th June 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment the Government has made of the listing of shares in the Russian state-owned energy company Rosneft on the London Stock Exchange in light of provisions in the new Sanctions and Anti-Money Laundering Act.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 13th June 2018

Council Regulation (EU) 833/2014 implements measures aimed at limiting investment in 11 Russian entities with a view to increasing the costs of Russia's actions to undermine Ukraine's territorial integrity, sovereignty and independence. Rosneft is captured by this Regulation, but this does not stop the London Stock Exchange allowing them to be listed. As we will be bound by EU sanctions until we leave the EU, if Rosneft can be listed on the London Stock Exchange according to the EU Council Regulation, the Financial Conduct Authority (FCA) is under no obligation to stop them from being listed. Until the Sanctions and Anti-Money Laundering Act is commenced, we will continue to impose sanctions in alignment with EU partners. The UK complies with EU sanctions, which include economic restrictions on Rosneft under the Economic Sanctions linked to the full implementation of the Minsk Agreements.

Reticulating Splines