Russians on the international sanctions list are connected to funds worth €35.5bn in Ireland, the Central Bank has revealed.

Speaking at the Oireachtas cross-party Finance Committee yesterday, the bank's governor, Gabriel Makhlouf, said that around 116 people on the sanctions list are connected to 33 Section 110 special purpose entities (SPE) managed in Ireland.

Mr Makhlouf said he wouldn't be surprised if there were "lots of attempts" to circumvent the sanctions imposed on the 116 as a result of the Ukraine invasion. The SPEs hold assets of around €35.5bn in Irish accounts.

SPEs are legal entities with little or no physical presence and have a narrow ringfenced objective, such as to raise finance from bond markets. They typically pay no tax, due to the favourable tax structures afforded to them.

In response to a question from Labour TD Ged Nash, Mr Makhlouf said that "some assets" belonging to these Russian individuals had been frozen. Mr Nash said it was important the information was in the public domain. "It is crucial the citizens of Ireland and the millions of victims of Putin's illegal war in Ukraine see that sanctions are working," he said.

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"The relevant Irish authorities now need to disclose exactly how the sanctions are biting in terms of the 15 or 16 Russians who appear to be connected to these Irishmanaged SPEs. The list of those who are on the EU sanctions list is effectively a matter of public record. Those who have had Irish managed assets frozen should be named in the interests of transparency," he said.

Asked by Sinn Féin finance spokesman Pearse Doherty if cryptocurrencies were being used to bypass sanctions here, Mr Makhlouf said he had "seen no evidence" it was, but "couldn't rule out the possibility".

"It would not be a surprise, given the players involved that lots of attempts are probably being made to circumvent the sanctions," he added.

Taoiseach Micheál Martin said: "I think the very fact that they've been frozen and identified is a good thing' and added it showed the 'robustness of our systems".

Mr Martin added the sums held in Ireland represented "a very significant minority" when taken in the context of global sanctions.

Speaking in Brussels last week the Taoiseach said that Ireland supported further sanctions against Russia. However, yesterday he said it was crucial that existing sanctions were fully implemented.

"It's about making sure that the sanctions imposed are delivered upon and enforced," the Taoiseach added.