The value of Russian assets frozen due to UK sanctions has exceeded £25 billion, the government said in a statement on 21 March, citing data from the Office of Financial Sanctions Enforcement (OFSI).
According to the government, as of March 2024, 2,001 individuals and entities were on the sanctions list against Russia.
“The sanctions imposed by the UK and its allies have had a significant impact on Russia’s economy,” it said.
The British government estimates that Russia’s federal budget will remain in deficit until at least 2026. The press office points out that Russia is experiencing a shortage of skilled workers, inflation is rising and high interest rates and economic isolation make borrowing expensive.
“The United Kingdom has frozen £25bn (€29.7bn – ed.) worth of Russian assets and, working with our allies, we have stripped Russia of more than $400bn, equivalent to four years of Russian military spending. We will continue to apply our financial sanctions robustly as part of our wider response to Russia’s barbaric invasion of Ukraine,” Finance Minister Emma Reynolds said in a comment.
British Foreign Secretary David Lammy told parliament on 17 March that the Group of Seven (G7) countries were planning further steps to increase pressure on Russia if it rejects a ceasefire in Ukraine.