Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of the lifting of US sanctions on the Central Bank of Iran on the ability of payments to be made by the UK Government to the Central Bank of Iran.

As the competent authority for the implementation of financial sanctions, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, ensures financial sanctions are properly understood and enforced.

If an activity prohibited by financial sanctions falls within licensing grounds set out in the applicable legislation OFSI considers the relevant evidence, on a case by case basis, before deciding whether to grant a licence. Licences are granted in strict adherence to the applicable law.

OFSI does not, however, comment on individual licence applications. Where a licence has been issued by OFSI, it does not compel any party to take any action.

The Government monitors developments in international sanctions. However, it would not be appropriate to speculate on developments in relation to a particular designation.