London says it has frozen 18 billion pounds worth of Russian assets

London says it has frozen 18 billion pounds worth of Russian assets

The British government said on Thursday it had frozen assets worth a combined 18 billion pounds ($20.5 billion) held by Russian oligarchs and other individuals and entities sanctioned over Moscow’s invasion of Ukraine.

Russia has overtaken Libya and Iran to become Britain’s most sanctioned nation, according to the Financial Sanctions Enforcement Office, which is part of the Finance Ministry.

Russian assets frozen are £6 billion more than declared under all other UK sanctions regimes.

“We have imposed the most severe sanctions ever imposed on Russia and it is crippling its war machine,” said Andrew Griffith, Treasury secretary for economics. “Our message is clear: We will not allow Putin to succeed in this brutal war.”

So far, the UK has sanctioned more than 1,200 people and more than 120 entities in Russia, from high-profile businessmen and companies to prominent politicians.

The government began imposing travel bans, asset freezes and other sanctions on February 24, the day Moscow sent its troops to Ukraine.

Melissa Galbraith
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