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
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 21st May, covering the latest developments you need to know.
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A peace agreement between Washington and Tehran is yet to materialise, with U.S. President Donald Trump saying that negotiations are incomplete and an Iranian Foreign Ministry Spokesman saying that a deal isn't imminent.
A "largely negotiated" memorandum of understanding on an Iran peace deal would reopen the Strait of Hormuz, U.S. President Donald Trump said on Saturday, though the Iranian Fars news agency disputed that claim.
The World Health Organization warned on Monday that the fast-moving Ebola outbreak in the Democratic Republic of the Congo and Uganda was outpacing response efforts, with 220 suspected deaths reported so far.
Police fired tear gas and clashed with protesters in central Belgrade on Saturday, as tens of thousands gathered to demand early elections and an end to the more than decade-long rule of Serbia's President Aleksandar Vučić.
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