The United Kingdom, according to data for the 2023–2024 financial year, has frozen Russian assets worth more than £25 billion.
Points of attention
- UK has frozen Russian assets worth over £25 billion in response to the invasion of Ukraine, impacting Russia's economy and financial stability.
- The frozen assets have led to a budget deficit, ruble depreciation, skill shortage, high inflation, and economic isolation in Russia, with repercussions expected until at least 2026.
- Financial sanctions have forced the Russian military to seek crucial supplies from rogue states like North Korea and Iran due to disrupted traditional supply chains.
- The UK government has imposed sanctions against 2,001 individuals and entities from the Russian Federation, worsening Russia's overall financial condition.
- The impact of the frozen assets, along with other sanctions, has deprived Russia of over $400 billion, equivalent to four years of its military spending.
Britain froze Russian assets — how many specifically?
Such data were published on March 21 in the annual review of the UK's Office for Financial Sanctions Enforcement (OFSI), according to the British government website.
The UK has frozen £25bn of Russian assets and, working with our allies, we have deprived Russia of over $400bn, equivalent to four years of Russia's military spending. We will continue to apply financial sanctions resolutely as part of a comprehensive response to Russia's barbaric invasion of Ukraine," said Emma Reynolds, the economic secretary to the Treasury.
The report states that as of March 2024, the UK government had imposed sanctions against 2,001 individuals and entities from the Russian Federation.
It is also noted that Russia's overall financial condition has deteriorated, and the federal budget is expected to remain in deficit until at least 2026.
The ruble has depreciated significantly, and Russia is facing a shortage of skilled workers, further straining the economy. Inflation is rising, well above target, and high interest rates and economic isolation have made borrowing expensive. British sanctions have forced the Russian military to turn to rogue states such as North Korea and Iran for critical supplies.
