National Bank Trust: Foreign Exchange

(asked on 26th April 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Russian Central Bank can recover funds in pound sterling in the UK via the National Bank Trust.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 28th April 2022

I am unable to comment on individual cases. However, the UK has imposed sanctions that prohibit UK persons from providing financial services for the purposes of foreign exchange or asset management of the Central Bank of Russia, the Russian Ministry of Finance, and the National Wealth Fund of Russia. These restrictions apply to all transactions in pound sterling.

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