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min answer › date of answer	2019-07-11
answer › answer text	%3Cp%3ENew legislation was laid in parliament on financial measures. These measures will prevent Russian banks from clearing payments in sterling and will apply to Russia%27s largest bank - Sberbank. With around 75 percent of Russian trade denominated in dollars, euros or sterling, our coordinated action will damage Russia%27s ability to trade with the world. On average, the UK financial system clears around %C2%A30.4 billion of sterling payments to and from Russian banks daily - equating to %C2%A3146 billion per annum. Stopping access to sterling will mean Russian banks cannot use UK financial markets, invest in the UK, and pay for trade in Sterling.%3C/p%3E
tabling member constituency	Cardiff West
min answer › question first answered	2019-06-06T15:08:35.097Z
answer › answering member › label	Biography information for James Cleverly

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registered interest

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answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member constituency

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member constituency

answering member printed

question first answered

answering member


label

tabling member


label

1436810

registered interest

date

28/02/2022

answering body

Foreign, Commonwealth and Development Office

answering dept id

208

answering dept short name

Foreign, Commonwealth and Development Office

answering dept sort name

Foreign, Commonwealth and Development Office

hansard heading

Russia: Overseas Trade

house id

legislature

25259

	pref label	House of Commons

question text

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, pursuant to her oral statement of 28 February 2022 on Sanctions, what estimate she has made of the proportion of Russian trade denominated in sterling.

tabling member constituency

Cardiff West

tabling member printed

Kevin Brennan

uin

131088

answer

is ministerial correction

date of answer

03/03/2022

answer text

<p>New legislation was laid in parliament on financial measures. These measures will prevent Russian banks from clearing payments in sterling and will apply to Russia's largest bank - Sberbank. With around 75 percent of Russian trade denominated in dollars, euros or sterling, our coordinated action will damage Russia's ability to trade with the world. On average, the UK financial system clears around £0.4 billion of sterling payments to and from Russian banks daily - equating to £146 billion per annum. Stopping access to sterling will mean Russian banks cannot use UK financial markets, invest in the UK, and pay for trade in Sterling.</p>

answering member constituency

Braintree

answering member printed

James Cleverly

question first answered

03/03/2022 17:45:55

answering member

4366

	label	Biography information for James Cleverly

tabling member

1400

	label	Biography information for Kevin Brennan