UK bill to allow sanctions on Russia until it pays compensation to Ukraine
The United Kingdom has introduced legislation that will allow it to maintain sanctions on Russia until the latter pays compensation to Ukraine for the ongoing war and would require sanctioned individuals to disclose their assets in Britain.
‘This package enables the government to keep sanctions in place by amending the purposes of the UK’s Russia sanctions. It will now state that sanctions can also be used for the express purpose of promoting the payment of compensation by Russia,’ the Foreign Office said, 19 June.
‘It comes as the UK prepares to legislate to require those holding assets in the UK on behalf of the Central Bank of Russia (CBR), Russian Ministry of Finance (MOF) or Russian National Wealth Fund (NWF) to disclose them to the Treasury,’ it said,
The package also announces a ‘new route to allow sanctioned individuals to donate frozen funds to Ukrainian reconstruction,’ it added, explaining that, ‘Sanctioned Russians who say they support Ukraine, will now also have a way to do the right thing – via a route to donate their frozen funds for Ukrainian reconstruction.’
‘There will be no coercion of individuals to encourage them to transfer funds, nor any offer of sanctions relief in return for making a donation,’ it added. The precise mechanics of the fund which will disburse those donations will be announced later.
