UK freezes Russian assets worth almost $32 billion
The United Kingdom has blocked Russian assets worth 25 billion pounds (almost $32 billion) as part of a broader sanctions policy aimed at weakening the Russian economy.
This was announced by the Economic Secretary of the Ministry of Finance Emma Reynolds, Censor.NET reports citing the British government's website.
"The UK has frozen £25 billion worth of Russian assets and, working with our allies, we have deprived Russia of more than $400 billion, equivalent to four years of Russian military spending. We will continue to apply financial sanctions vigorously as part of a broader response to Russia's barbaric invasion of Ukraine," Reynolds said.
According to the report, as of March 2024, the UK government has imposed sanctions on 2,001 individuals and legal entities from Russia.
The document also emphasizes that Russia's financial situation continues to deteriorate. The country's federal budget is expected to remain in deficit until at least 2026.
"The ruble has depreciated significantly, and Russia is experiencing a shortage of skilled workers, which further strains the economy. Inflation is rising, well above target, and high interest rates and economic isolation have made borrowing expensive. As a result of the UK sanctions, the Russian military has been forced to turn to rogue countries such as North Korea and Iran for critical goods," the report says.
