Thank you for contacting me about the implementation of sanctions and other measures against Russia.
I strongly welcome that the Government is now bringing forward the Economic Crime (Transparency and Enforcement) Act. This legislation will introduce a ‘Register of Overseas Entities’ to crack down on foreign criminals using UK property to launder money. The new register will require anonymous foreign owners of UK property to reveal their real identities to ensure criminals cannot hide behind secretive shell companies.
I commend the world leadership shown by the Prime Minister in support of Ukraine and the leading role he has played in encouraging the world to isolate Russia for its illegal invasion, including through the imposition of the most severe and coordinated package of sanctions Russia has ever faced.
These have included:
- Sanctioning Russia's Central Bank, banning the Russian State and all Russian companies from raising funds in the UK, and freezing the assets of all Russian banks.
- Shutting off Russian banks' access to the global financial system by blocking access to SWIFT.
- Sanctioning President Putin, his Foreign Minister Sergey Lavrov, leading oligarchs and hundreds of individuals, entities, and their subsidiaries at the heart of his wicked regime.
- Strengthening export controls against Russia by banning the export of high-end and critical technical equipment and components in sectors including electronics, telecommunications, and aerospace, thereby degrading Russia's military and economic development.
- Sanctioning members of the Russian Duma and National Security Council for their support for the invasion.
- Denying access to UK ports to ships owned, controlled, charter of operated by anyone connected to Russia as well as any vessel registered in Russia or flying the Russian flag.
- Imposing new restrictions to cut off wealthy Russians’ access to UK banks.
- Imposing sanctions on Belarus for its complicity in Putin's invasion.
- Extending a Crimea-type embargo to occupied territory in the breakaway Ukrainian republics.
- Intensifying sanctions enforcement, with new powers for law enforcement and a specialised Kleptocracy unit to crack down on companies that breach sanctions.
I appreciate concerns about the speed of implementation of some of these measures and I know ministerial colleagues are working to establish new mechanisms as soon as possible. I am pleased that owners will be given six rather than 18 months to join the ‘Register of Overseas Entities'. In addition, the Register will have a retrospective effect and will apply to overseas entities which have purchased properties in England and Wales in the last 20 years, or in Scotland in the period since December 2014.
Yours sincerely,
Sally-Ann Hart MP