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Ukraine War

Dáil Éireann Debate, Tuesday - 14 June 2022

Tuesday, 14 June 2022

Ceisteanna (583, 584, 585)

Peadar Tóibín

Ceist:

583. Deputy Peadar Tóibín asked the Minister for Foreign Affairs if his Department has compiled an inventory of Russian assets held in the State; and if he will make a statement on the matter. [29146/22]

Amharc ar fhreagra

Peadar Tóibín

Ceist:

584. Deputy Peadar Tóibín asked the Minister for Foreign Affairs if the State has frozen or confiscated any Russian assets in Ireland; and if so, if he will list these assets. [29147/22]

Amharc ar fhreagra

Peadar Tóibín

Ceist:

585. Deputy Peadar Tóibín asked the Minister for Foreign Affairs if his Department has compiled a list of Russian assets in the State; and if so, if he will provide a list of assets which have not been frozen or confiscated by the State. [29148/22]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Foreign)

I propose to take Questions Nos. 583 to 585, inclusive, together.

In relation to EU sanctions linked to Russia's invasion of Ukraine, the obligation to freeze funds and economic resources belonging to, owned or controlled by listed persons and entities is set out in 'Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine, as amended'.

EU Regulations have direct effect in Irish law, so must be complied with in the same way as domestic Irish legislation. The obligation to freeze assets under the above sanctions regime - also known as the Ukraine (Territorial Integrity) Sanctions Regime - must therefore be complied with by whomever holds the assets at the time their owner is added to the sanctions list. In practice, this typically means that funds are to be frozen by financial institutions.

Irish financial institutions report details of funds frozen under EU sanctions to the Central Bank of Ireland. These details are in turn notified to the European Commission by the Department of Foreign Affairs on a regular basis, through a dedicated reporting portal. The total value of funds frozen by Irish financial institutions under the Ukraine (Territorial Integrity) Sanctions Regime up to 10 June 2022 is EUR 1.67 billion. Specific details of accountholders and owners of funds cannot be published, for reasons of confidentiality.

The sanctions adopted by the EU in response to the war in Ukraine are unprecedented, but are only effective insofar as they are properly implemented. In its capacity as a competent authority for financial sanctions, the Central Bank of Ireland maintains regular engagement with financial institutions on their obligations. Regular outreach to relevant private operators is also undertaken by the Department of Finance. The Cross Departmental International Sanctions Committee, chaired by the Department of Foreign Affairs, has also been involved in outreach to private sector operators.

Other than through its regular reporting to the European Commission as outlined above, the Department of Foreign Affairs has not compiled an inventory of Russian assets held in the State. The Department is not currently aware of any assets owned or controlled by an individual or entity listed under the Ukraine (Territorial Integrity) Sanctions Regime that have not been frozen by the relevant body.

Question No. 584 answered with Question No. 583.
Question No. 585 answered with Question No. 583.
Question No. 586 answered with Question No. 543.
Question No. 587 answered with Question No. 543.
Question No. 588 answered with Question No. 543.
Question No. 589 answered with Question No. 543.
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