Robert Jenrick – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Robert Jenrick on 2016-03-07.

To ask Mr Chancellor of the Exchequer, what the Government’s timetable is for the release of sanctioned Iranian assets; and what value of those assets the Government expects to release in 2016 and 2017.

Harriett Baldwin

Financial sanctions are implemented in the United Kingdom by HM Treasury. When assets are frozen they remain where they are held and are not seized or confiscated by the government or the Treasury. As such, the government does not hold frozen assets belonging to designated Iranian or other persons subject financial sanctions.

Every year the Treasury requests information from businesses on funds they hold that are frozen under financial sanctions legislation. The most recent data from September 2015 showed that there was approximately £728,450,000 of funds frozen under the Iran (non-proliferation) sanctions regime.

In July 2015 the EU/E3+3 and the Islamic Republic of Iran reached a Joint Comprehensive Plan of Action (JCPoA). On 16 January 2016 the initial sanctions relief provided for under the JCPoA came into effect. Part of this relief included the lifting of the asset freeze against certain individuals and entities with frozen balances of approximately £657,830,000. Therefore approximately £70,620,000 remains frozen.

The next phase of sanctions relief under the JCPoA is due on Transition Day in eight years’ time, or when the International Atomic Energy Agency has concluded that all nuclear material in Iran remains in peaceful activities, whichever is earlier.