Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he has taken with Cabinet colleagues to ensure that UK-based companies are fully complying with the sanctions imposed on (a) Russian oil and (b) other Russian exports.

The Office of Financial Sanctions Implementation (OSFI) and The Department for Business and Trade (DBT) have published extensive guidance to support industry in complying with sanctions measures against Russia.

OFSI takes a proactive enforcement approach and is currently undertaking a number of investigations into suspected breaches of the oil price cap, using their legal powers to request information and working closely with our international partners in the G7+ Coalition.

HM Revenue & Customs is responsible for enforcing export controls on strategic goods and sanctions and investigating potential breaches of those controls.

HMRC enforcement mechanisms are robust and act as a deterrent against those considering circumventing sanctions measures. They take breaches of sanctions seriously and undertake a preliminary investigation into all credible allegations of an offence. They have improved their capacity to investigate and enforce sanctions and are developing new capabilities to enforce sanctions on services under criminal law. Non-compliance with UK sanctions is a serious offence and punishable through large financial penalties or criminal prosecution.