proofread

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

From Wikisource
Jump to navigation Jump to search
Defeating Putin: the development, implementation and impact of economic sanctions on Russia (2022)
UK House of Commons Treasury Committee

In this transcription, all external links have been retained exactly as-is. Note that the links for questions 94 through 162 are dead; the live version can be found at https://committees.parliament.uk/oralevidence/9946/pdf/ (in PDF form) or at https://committees.parliament.uk/oralevidence/9946/html/ (in HTML form).

4583798Defeating Putin: the development, implementation and impact of economic sanctions on Russia2022UK House of Commons Treasury Committee

House of Commons
Treasury Committee


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


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


 
 
The invasion of Ukraine by Russia
5
HM Treasury, its associated public bodies and sanctions
5
Our inquiry
6
 
 
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
 
 
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
 
 
 
 
 
 

This work is licensed under the United Kingdom Open Parliament Licence v3.0.

You are free to:
  • copy, publish, distribute and transmit the information
  • adapt the information
  • exploit the information commercially and non-commercially, for example, by combining it with other information, or by including it in your own product or application
You must (where you do any of the above):
  • acknowledge the source of the information in your product or application by including the following attribution statement and, where possible, provide a link to this licence: Contains Parliamentary information licensed under the Open Parliament Licence v3.0.

Public domainPublic domainfalsefalse