Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the level of compliance with the UK's sanctions on Russian individuals and entities following the war in Ukraine within the UK property market.

The Office for Financial Sanctions Implementation (OFSI) cannot comment on specific licensing or compliance cases. Financial sanctions apply to all assets owned, held or controlled, directly or indirectly, by a designated person including property assets. OFSI is responsible for implementing UK sanctions and takes its licensing and enforcement responsibilities very seriously, including in relation to property assets. Where a property is subject to an asset freeze it can only be dealt with under a licence issued by OFSI and any suspected breaches must be reported to OFSI and are investigated. Where appropriate, breaches of financial sanctions can result in the imposition of a civil monetary penalty.