UK Has Already Frozen £25 Billion in Russian Assets

The UK has frozen more than £25 billion ($32 billion) of Russian assets since Russia's full-scale invasion of Ukraine, the British Treasury reports.

The freezing of 25 billion pounds worth of Russian assets in Britain is the result of ‘the toughest sanctions Russia has ever faced,’ the British government said.

‘Working with our allies, we have deprived (Russia) of more than $400 billion, which is equivalent to four years of Russian military spending,’ said Emma Reynolds, a representative of the British Treasury.

She assured that the UK would continue to ‘resolutely enforce our financial sanctions as part of our wider response to Russia's barbaric invasion of Ukraine’.

As a reminder, the UK supports the confiscation of frozen Russian assets and their use to support Ukraine. It is participating in a mechanism to provide Ukraine with a $50bn loan from Russian assets, which will be repaid through a tax on excess profits generated from frozen Russian assets.

Read more: A Realistic Model For The Use of Frozen Russian Assets