Beautiful Virgin Islands

Tuesday, Jul 22, 2025

Britain has frozen 18 billion pounds worth of Russian assets

Britain has frozen 18 billion pounds worth of Russian assets

The British government said on Thursday it had frozen assets worth more than 18 billion pounds ($20.5 billion) held by Russian oligarchs, other individuals and businesses sanctioned over Moscow's invasion of Ukraine.
Russia has overtaken Libya and Iran to become Britain's most-sanctioned nation, the Office of Financial Sanctions Implementation (OFSI), part of the finance ministry, said in its annual report.

The frozen Russian assets were 6 billion pounds more than the amount reported across all other British sanctions regimes.

Russian billionaire Roman Abramovich and businessman Mikhail Fridman are among those sanctioned this year, along with President Vladimir Putin, his family and military commanders.

The frozen assets are a combination of shareholdings in companies and cash held in bank accounts. It does not include physical assets such as real estate, yachts or assets held in Crown Dependencies such as Guernsey and Jersey.

The government has sanctioned 95% of Russian exports to the United Kingdom and all imports of Russian oil and gas will stop by the end of the year.

"We have imposed the most severe sanctions ever on Russia and it is crippling their war machine," said Andrew Griffith, a junior government minister in the Treasury in a statement.

"Our message is clear: we will not allow Putin to succeed in this brutal war."

Britain has so far sanctioned more than 1,200 individuals including high-profile businessmen and prominent politicians and more than 120 entities in Russia.

SANCTIONS HURTING
Western sanctions mean a depletion of stockpiled parts for the automotive industry, with new cars such as the latest Lada model being produced without airbags or anti-lock brakes, officials said.

Russian aerospace companies are stripping airliners for spare parts and using semiconductors in kitchen appliances in Soviet-era tanks, the officials said, adding that a shortage of ammunition has played a role in Ukraine's recent battlefield successes.

Longer-term, Russia is suffering a brain drain and a lack of access to critical technologies, with 75% of companies reducing operations and 25% leaving the country entirely, officials said.

While Russian assets are currently only frozen, there are discussions on what options are available to seize them. Western officials say there is a need for large-scale financial help to rebuild Ukraine and a moral case for those responsible for the invasion to contribute to this.

"I think what we would like to do is look at what all the options are, what's possible, and then take a decision with allies on that," one official said.

Since Britain began imposing travel bans, asset freezes and other sanctions on Feb. 24, the day Russian forces invaded Ukraine, the government has received 236 reports of sanction breaches.

Russian billionaire Petr Aven is challenging allegations that he evaded sanctions against him in a London court. He is accused of using money parked in British accounts to fund his lifestyle.

The case is the first to test Britain's approach to enforcing sanctions on Russian nationals since the invasion.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
×