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

There could have been, in my view, greater opposition to the invasion of Crimea at the time all round. I merely want to say that.

In relation to section 110 entities, I made my position clear on that. With regard to authorised investment funds, the Central Bank has advised that total Russian assets held on 31 December 2021 is estimated at €11.4 billion or 0.3% of the total Irish fund assets of €3.8 trillion, and this is evenly split between equities and bonds. In terms of the special purpose entities, there were 3,000 Irish domiciled special purpose entities. The Central Bank has undertaken an initial review of those and any links with Russian counterparts. Some 34 of these entities have a Russian sponsor, meaning that they were established on behalf of a Russian company. By the way, it does not mean they are all illegal. 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. I have given the figure in terms of the €11.4 billion, which is 0.3% of the €3.8 trillion.

I would make the point that a breach of a financial sanction, and this is in response to Deputy Tóibín as well, is a criminal offence. Accounts, funds or other assets must be frozen without delay in order that they cannot be made available, directly or indirectly, to the sanctioned person, entity or body, and all natural and legal persons in the State are obliged to comply with European Union sanctions.

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