UK freezes Russian assets worth over US$32 billion

The UK government has frozen over £25 billion (US$32 billion) worth of Russian assets since the beginning of Russia's full-scale war against Ukraine three years ago.

Source: latest data from the UK Treasury, as reported by European Pravda

Details: The freezing of Russian assets worth £25 billion in the UK is a result of "the most severe sanctions Russia has ever faced," the UK government stated.

"Sanctions imposed by the UK and its allies have significantly impacted Russia's economy, depriving it of over $400 billion since February 2022, equivalent to four years of Russia's military spending," Emma Reynolds, a representative of the UK Treasury, emphasised.

She stated that the UK will continue to "robustly enforce our financial sanctions as part of our wider response to Russia’s barbaric invasion of Ukraine".

Background: 

• The UK has previously supported the confiscation of frozen Russian assets and their use to support Ukraine.
• The UK is participating in a mechanism to provide Ukraine with a US$50 billion loan from Russian assets: the funds will be provided formally as a loan, but will be repaid through a tax on excess profits received from frozen Russian assets.

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