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Some £25 billion worth of Russian assets have been frozen by the UK government since the start of the Ukraine war, newly-released figures have revealed. A report released by the Treasury on Friday revealed the total, which accounts for all assets that have been sanctioned by the UK since February 2022 when the invasion of Ukraine began. Some 2,001 individuals and entities have been sanctioned under the regime as of March 2024, according to the Treasury. The government department was keen to stress the impact its sanctions, as well as those of the UK’s allies, were having on Russia’s economy. Treasury minister Emma Hardy said: ‘The UK has frozen £25 billion worth of Russian assets and working with our allies, we have deprived Russian of over $400 billion, the equivalent to four years of Russia’s military spending. ‘We will continue to robustly enforce our financial sanctions as part of our wider response to Russia’s barbaric invasion of Ukraine.’ The Treasury data comes from the Office of Financial Sanctions Implementation’s, OFSI, latest annual review. Alongside tallying the total worth of sanctions, OFSI’s review said it has taken steps to ‘effectively drive compliance of UK financial sanctions’ over the past year. It has also expanded sanctions enforcement in a bid to prevent illicit finances from slipping through the net. While figures connected to Vladimir Putin’s regime have been prevented from accessing their cash and property by the sanctions, the UK and other Western nations are yet take control of assets. The seizure of assets has long been discussed as a means of paying for military aid to Ukraine, as well as rebuilding the war-torn country once fighting ceases. By David Lynch, PA Political Correspondent Press Association: News source: PA Copyright 2025 Alliance News Ltd. All Rights Reserved.
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