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UK freezes GBP 18 bn worth of Russian assets

The British government said on Thursday that it had frozen assets worth a total of GBP 18 billion (USD 20.5 billion) held by Russian oligarchs, other individuals and entities sanctioned for Moscow’s invasion of Ukraine.

Russia not only overtook Libya and Iran on the list of Britain’s most-sanctioned nations but also topped it, as shown by the Office of Financial Sanctions Implementation, part of the finance ministry.

The Russian assets put in the freezer were GBP 6 bn 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.”

More than 1,200 individuals and more than 120 entities found themselves sanctioned in Russia, including targeting high-profile businessmen and companies to prominent politicians.

The British government’s sanction hammer started falling as early as day zero of the Russian invasion, namely on February 24. The punishments have included travel bans, asset freezes, and other sanctions.


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