The UK government has announced that sanctions have led to the freezing of £25 billion worth of Russian assets, marking a significant step in efforts since Russia’s illegal invasion of Ukraine.
New figures from the Office of Financial Sanctions Implementation, released on 21st March, highlight the impact of measures imposed since Russia’s full-scale invasion in 2022. The UK’s sanctions, a key pillar of the Plan for Change, are designed to restrict Russian financial influence and disrupt its war economy.
Economic Secretary to the Treasury, Emma Reynolds, said: “The UK has frozen £25 billion worth of Russian assets and working with our allies. we have deprived Russian of over $400 billion the equivalent to four years of Russia’s military spending.”
Since 2022, the UK has sanctioned more than 1,600 individuals and hundreds of entities, including high-profile figures such as Russian Defence Minister Pavel Fradkov and Vladimir Selin, a senior official in the Ministry of Defence. These measures block access to financial markets, trade, and high-value assets.
An asset freeze prevents sanctioned individuals and businesses from accessing or profiting from their holdings, effectively isolating them from the global financial system. The UK has also targeted Russia’s energy sector and state-owned banks, cutting off vital revenue streams.
Reynolds reaffirmed the UK’s commitment to enforcement, stating that the OFSI “will continue to robustly enforce our financial sanctions as part of our wider response to Russia’s barbaric invasion of Ukraine.”
