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
Read next
10:22
US - UK
President Donald Trump and U.K. Prime Minister Keir Starmer have reached a trade agreement that lowers U.S. tariffs on British autos, steel, and aluminum, while maintaining a 10% baseline tariff on other goods and boosting American exports of beef and ethanol.
01:17
Tariff deal announced
President Trump and UK Prime Minister Keir Starmer unveiled a limited trade deal Thursday that keeps 10% tariffs on British exports but lowers U.S. duties on UK cars and cuts average UK tariffs on U.S. goods to 1.8%, calling it a “historic” step forward.
19:00
Trade agreement
The United States and Britain are set to announce a trade agreement aimed at reducing tariffs on key goods, signaling progress in bilateral trade discussions.
09:03
Trade deal
U.S. President Donald Trump is expected to announce a major trade deal with the UK on Thursday, marking Britain’s second deal in a week and potentially lowering tariffs on steel and autos, according to sources cited by the New York Times.
17:40
World news
Türkiye and the United Kingdom have agreed to begin the first round of negotiations by the end of July to modernize and expand their Free Trade Agreement, aiming to boost economic ties and reflect evolving trade priorities.
What is your opinion on this topic?
Leave the first comment