Defeating Putin: the development, implementation and impact of economic sanctions on Russia

by UK House of Commons Treasury Committee

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House of Commons
Treasury Committee

 

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Defeating Putin:
the development,
implementation and
impact of economic
sanctions on Russia

 

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Twelfth Report of Session 2021–22

 

Report, together with formal minutes relating
to the report

 

Ordered by the House of Commons
to be printed 21 March 2022

 

HC 1186
Published on 23 March 2022
by authority of the House of Commons

The Treasury Committee

The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies.

 

Current Membership

Mel Stride MP (Chair) (Conservative, Central Devon)
Rushanara Ali MP (Labour, Bethnal Green and Bow)
Harriett Baldwin MP (Conservative, West Worcestershire)
Anthony Browne MP (Conservative, South Cambridgeshire)
Gareth Davies MP (Conservative, Grantham and Stamford)
Dame Angela Eagle MP (Labour, Wallasey)
Emma Hardy MP (Labour, Kingston upon Hull West and Hessle)
Kevin Hollinrake MP (Conservative, Thirsk and Malton)
Julie Marson MP (Conservative, Hertford and Stortford)
Siobhain McDonagh MP (Labour, Mitcham and Morden)
Alison Thewliss MP (Scottish National Party, Glasgow Central)

 

Powers

The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the internet via www.parliament.uk.

 

Publication

© Parliamentary Copyright House of Commons 2022. This publication may be reproduced under the terms of the Open Parliament Licence, which is published at www.parliament.uk/site-information/copyright-parliament/. Committee reports are published on the Committee’s website at www.parliament.uk/treascom/ and in print by Order of the House.

 

Committee staff

The current staff of the Committee are Morenike Alamu (Committee Operations Officer), Rachel Edwards (on secondment from the Bank of England), Kenneth Fox (Clerk), Dan Lee (Senior Economist), Adam McGee (Senior Media and Communications Officer), Aruni Muthumala (Senior Economist), Moyo Oyelade (on secondment from the Bank of England), Charlotte Swift (Second Clerk), Ben Thompson (on secondment from the National Audit Office), Sam Upton (on secondment from the Financial Conduct Authority), Adam Wales (Chief Policy Adviser), Maciej Wenerski (Committee Operations Manager), and Marcus Wilton (Senior Economist).

 

Contacts

All correspondence should be addressed to the Clerk of the Treasury Committee, House of Commons, London SW1A 0AA. The telephone number for general enquiries is 020 7219 5769; the Committee’s email address is treascom@parliament.uk. You can follow the Committee on Twitter using @commonstreasury.

Contents

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Summary

3

 

 

1Introduction

5

 The invasion of Ukraine by Russia

5

 HM Treasury, its associated public bodies and sanctions

5

 Our inquiry

6

 

 

2Implementing sanctions

7

 Areas of sanctions

7

 Energy

7

 Central banking

8

 International financial messaging (SWIFT)

8

 Other financial services sanctions

9

 Self-sanctioning

10

 Measures against Russian kleptocrats and oligarchs

10

 Sanctions: the impact on Russia

12

 Guidance, compliance and enforcement

15

 The role of OFSI

16

 Sanctions evasion: Cryptocurrencies

18

 Secondary sanctions

18

 

 

3Economic impact upon the UK

20

 Impact of sanctions on Russian oil and gas

20

 Would the UK be affected by gas sanctions?

21

 Impact on households

21

 Macroeconomy and the cost of living

22

 UK macroeconomic outlook

22

 UK cost of living and impact on business

23

 Recommendations to the Government

25

 

 

Witnesses

27

 

 

Formal minutes

28

 

 

List of Reports from the Committee during the current Parliament

29