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Britain Freezes £18 billion worth of Russian assets

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The UK government said on Thursday that it had frozen assets together worth £18 billion (R365 billion) held by Russian oligarchs, other individuals and entities sanctioned for Moscow’s invasion of Ukraine.

According to the Office of Financial Sanctions Implementation, part of the finance ministry, Russia has passed Libya and Iran to become Britain’s most-sanctioned nation.

The frozen Russian assets were £6 billion more than the amount reported across all other British sanctions regimes.

“We have imposed the most severe sanctions ever on Russia and it is crippling their war machine,” said Andrew Griffith, a junior government minister in the Treasury. “Our message is clear: we will not allow Putin to succeed in this brutal war.”

Britain has so far sanctioned more than 1200 individuals and more than 120 entities in Russia, including targeting high-profile businessmen and companies.

The UK government began imposing travel bans, asset freezes and other sanctions on 24 February, the day Moscow sent troops into Ukraine.

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