Britain Freezes Russian Assets Exceeding £25 Billion

The value of Russian assets frozen due to sanctions imposed by the United Kingdom has surpassed £25 billion. This information was provided by the country’s government, citing data from the Office of Financial Sanctions Implementation (OFSI) in its statement on March 21.

This is reported by AgroReview

According to the government, as of March 2024, 2,001 individuals and entities are included in the sanctions list against Russia.

“The sanctions imposed by the United Kingdom and its allies have significantly impacted the Russian economy,” the statement reads.

Impact of Sanctions on the Russian Economy

The UK government also estimates that the Russian federal budget will remain in deficit at least until 2026. The press release emphasizes that Russia is facing a shortage of skilled workers, rising inflation, and high interest rates, which complicate access to credit amid economic isolation.

“The United Kingdom has frozen Russian assets amounting to £25 billion (€29.7 billion) and, working with our allies, we have deprived Russia of over $400 billion, equivalent to four years of Russia’s military spending. We will continue to rigorously enforce our financial sanctions as part of our broader response to Russia’s barbaric invasion of Ukraine,” stated Finance Minister Emma Reynolds.

Further Plans to Pressure Russia

Additionally, UK Foreign Secretary David Lammy informed Parliament on March 17 about the G7 countries’ plans to take further action to increase pressure on Russia if it refuses to ceasefire in Ukraine.