In a letter to the House of Commons, UK Security Minister Ben Wallace described being contacted by lawmakers from the upper house "requesting government assistance for Russian associates," The Times said.
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Wallace said he had refused to discuss sanctions on Russia with Lord Barker of Battle, who chairs En+, a Russian energy giant.
Tom Brake, a spokesman for the Liberal Democrats, said it was time for peers to give up their ties to Russian companies unless these businesses could prove their independence.
His sentiment was echoed by Bob Seely, of the Commons Foreign Affairs Committee, while a spokesperson at the House of Lords told the paper there were no plans to ban peers from having business interests in Russia.