The Office of Financial Sanctions Implementation (OFSI) has disclosed the full impact of UK sanctions on Russia, reporting that more than £25 billion in Russian assets have been frozen.
"We will continue to robustly enforce our financial sanctions as part of our wider response to Russia’s barbaric invasion of Ukraine," - said UK Economic Secretary to the Treasury, Emma Reynolds.
Together with its allies, the UK has enforced the toughest sanctions Russia has ever faced. These sanctions have had a significant impact on Russia’s economy, stripping it of over $400 billion since February 2022—an amount equivalent to four years of the country's military spending.
The UK government has designated 2,001 individuals and entities under its Russia sanctions regime.
"Russia’s overall financial standing has weakened, with the federal budget expected to remain in deficit until at least 2026. The rouble has depreciated significantly, and Russia is experiencing a shortage of skilled workers, further straining the economy. Inflation is rising, with rates far exceeding targets, while high interest rates and economic isolation have made borrowing costly," - OFSI's Annual Review stated.
As a result of UK sanctions, Russia’s military has been forced to turn to rogue states like North Korea and Iran for critical supplies.
The £25 billion figure is based on OFSI’s Russian Frozen Assets In-Year Reporting. This is where relevant firms are obliged to report to OFSI as soon as practicable, information concerning funds or economic resources belonging to, held, or controlled by a designated person.
An asset freeze prevents any UK citizen, or any business in the UK, from dealing with any funds or economic resources which are owned, held, or controlled by the designated person. UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. It also prevents funds or economic resources being provided to or for the benefit of the designated person
European Union Commissioner for Enlargement, Marta Kos, visited the recently liberated village of Sarijali in Aghdam today. During her visit, she insp...
A strong earthquake struck Russia's far eastern Kamchatka region, the regional governor said on Friday, prompting a series of tsunami warnings in the ...
At least five people were killed and one injured in an explosion on Thursday in Chaman, a town in Pakistan’s southwestern Balochistan province near ...
A meeting of the government leaders of Turkic Council (TCT) member states has begun in Bishkek, the Kyrgyz Cabinet of Ministers reported. Prior to the...
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez,...
Prime Minister Keir Starmer said on Thursday that Britain "fiercely" protects free speech, but when it was used to incite real harm to children and vulnerable people there was a limit.
In a landmark agreement during President Donald Trump's state visit, the UK and U.S. have unveiled a $42 billion "Tech Prosperity Deal," focusing on advancements in Artificial Intelligence (AI), quantum computing, and civil nuclear energy.
U.S. President Donald Trump arrived in Britain late on Tuesday for his second state visit, where the UK and U.S. plan to announce major investment deals and strengthen their “special relationship,” Prime Minister Keir Starmer said.
Protesters gathered outside Windsor Castle on Tuesday ahead of Donald Trump’s state visit, unfurling banners as police stepped up security around the royal residence.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
Germany's parliament approved on Thursday the nation's first annual budget since sweeping reforms to loosen fiscal rules were passed earlier this year, securing record investments to revive the economy while committing to an increase in defence spending.
European shares nudged up on Thursday after the U.S. Federal Reserve lowered borrowing costs for the first time since December, while shares of SIG plummeted after the Swiss-based company issued a profit warning.
Meta Platforms on Wednesday launched its first consumer-ready smart glasses with a built-in display, seeking to extend the momentum of its Ray-Ban line, one of the early consumer hits of the artificial intelligence (AI) era.
Entrepreneur Nelson Yang is reaching back into Taiwan's history to turn the humble banana plant into an unlikely sustainable textile. Taiwan is now the world's dominant producer of advanced semiconductors but the yellow fruit, still widely grown on the island, was once a source of patriotic pride.
Google said on Tuesday it would make £5 billion pounds ($6.80 billion) in new investments into Britain ahead of U.S. President Donald Trump's state visit to the country, which is expected to feature a flurry of business deals and partnerships.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment