UK freezes £18bn worth of Russian assets

The British government has frozen assets owned by Russian oligarchs and other individuals and entities under sanctions for Russia’s invasion of Ukraine, totaling £18bn ($20.5bn).

This was reported by Reuters, writes “European truth”.

According to the Financial Sanctions Enforcement Authority, Russia has overtaken Libya and Iran to become the country on which the UK has imposed the most sanctions.

Russian assets have been frozen £6bn more than under all other UK sanctions regimes.

“We have imposed the most severe sanctions against Russia and this is undermining their war machine. Our message is clear: we will not allow Putin to succeed in this brutal war,” said Andrew Griffith, junior finance minister.

To date, the UK has imposed sanctions on more than 1,200 individuals and more than 120 organizations of the Russian Federation, including well-known businessmen and companies and well-known politicians.

On November 2, Britain imposed sanctions on four Russian steel and petrochemical magnates who are financing Russia’s war against Ukraine.

The UK will also ban services that help transport Russian oil.