Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I agree with the sentiments expressed by the Deputy on the appalling attack and war being raged against the Ukrainian people by Vladimir Putin and the Russian leadership. I have no doubt that the vast majority of Russian people do not support this war.

In terms of the diplomatic issue, first, anything we do should be in consort with our European partners. European strength and unity of purpose are very important in respect of responding to Russia. That has been a hallmark, so far, of the European Union's response, working with the United States, Canada, the United Kingdom and other countries that hold up democratic and universal principles of sovereignty, territorial integrity and freedom of speech and movement. Those are fundamental values. We share those values with other countries. Those countries are uniting in opposing what the Russian leadership is doing.

In respect of the ambassadorial issue and diplomatic channels, no country is proposing the expulsion of any ambassador so far.

Our view is that it is important from a practical point of view in looking after our citizens either in Russia or Ukraine that we keep all channels open right now. We have a limited presence in the embassy in Moscow with six individuals all told. They have a fundamental function to look after Irish citizens in Russia and also to articulate our views and keep abreast of what is happening within that jurisdiction and different jurisdictions. I am very conscious of that.

While I understand fully the revulsion and anger towards how the Russian ambassador has spoken on this war, nonetheless, we have to keep cool heads, hold our nerve and keep the fundamentals in front of us all the time in terms of looking after Irish citizens, in particular.

On the IFSC, entities in the financial services sector in Ireland are within scope of the sanction measures agreed unanimously by the 27 EU member states. All natural and legal persons in the State are obliged to comply with the European Union sanctions. A breach of financial sanctions is a criminal offence. Accounts, funds or other assets must be frozen without delay so that they cannot be made available directly or indirectly to the sanctioned person, entity or body. The sanctions include a prohibition on the listing and provision of services on EU trading venues, including Euronext Dublin, which was formerly the Irish Stock Exchange, in relation to shares of Russian state-owned entities.

The Central Bank of Ireland has undertaken an initial review of any links between the approximately 3,000 Irish domiciled special purpose entities and Russian entities. Some 34 of these 3,000 entities have a Russian sponsor, meaning that they were established on behalf of a Russian company. The total assets of these special purpose entities is approximately €36 billion, largely comprised of loans to Russian companies. Of these 34 entities, three have been identified as being directly linked to individuals or financial institutions covered in the 23 February round of EU sanctions. Work is ongoing in respect of the subsequent sanction rounds.

With regard to authorised investment funds, the Central Bank has advised that total Russian assets held at 31 December 2021 are estimated at €11.4 billion or 0.3% of the total Irish fund assets of €3.8 trillion.

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