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
On Monday, Egypt will host an international peace summit in the Red Sea city of Sharm el-Sheikh, co-chaired by Egyptian President Abdel Fattah al-Sisi...
On the evening of 11 October, thousands of Israelis gathered at Hostages Square in Tel Aviv to mark the halt of fighting in the Gaza Strip and the imp...
Eight more matches took place today in the European qualifiers for World Cup 2026....
U.S. President Donald Trump said on Friday that the United States would impose 100% tariffs on Chinese goods and restrict the export of “critical so...
Three Qatari diplomats have been killed in a car accident in Egypt’s Red Sea resort city of Sharm el-Sheikh, two security sources told Reuters on Su...
UK Prime Minister Keir Starmer and his Indian counterpart, Narendra Modi, hailed their countries’ new trade deal during talks in Mumbai, with London unveiling £1.3 billion in new Indian investments and both leaders pledging deeper cooperation in technology and education.
British Prime Minister Keir Starmer begins a two-day visit to India on Wednesday, joined by more than a hundred leaders from the business, culture and university sectors in an effort to promote a recently signed trade deal.
The UK government has announced plans to give police new powers to restrict repeated protests in the same location, following pro-Palestinian demonstrations that went ahead despite requests to cancel them after a deadly attack at a Manchester synagogue.
Sussex Police are investigating a suspected arson attack at the Peacehaven Community Mosque in East Sussex on 4 October. The front entrance was damaged, a car parked outside destroyed, and the incident is being treated as a hate crime. It's reported that nobody was hurt.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
A federal jury in Marshall, Texas, ruled on Friday that Samsung Electronics must pay nearly $445.5 million in damages to patent holder Collision Communications for infringing patents linked to 4G, 5G, and Wi-Fi communication standards.
Gold prices rose above $4,000 an ounce for the first time on Wednesday, fuelled by investor demand for safe-haven assets amid rising geopolitical tensions and expectations of U.S. interest rate cuts.
U.S. shares ended Tuesday in negative territory as investors, cut off from official economic data due to the ongoing government shutdown, looked to alternative indicators and comments from Federal Reserve officials for guidance on economic weakness and monetary policy.
Elon Musk’s artificial intelligence startup xAI is targeting a $20 billion capital raise linked to Nvidia hardware, Bloomberg News has reported.
Türkiye’s benchmark stock index, the BIST 100, closed Tuesday at 10,814.11 points, up 0.74% from the previous session.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment