The British government announced on November 10, 2022, that it had frozen assets totalling £18 billion ($20.5 billion) owned by Russian oligarchs and other individuals, and entities sanctioned over Russia’s invasion of Ukraine.
“We have imposed the most severe sanctions ever on Russia and it is crippling their war machine. Our message is clear: we will not allow Putin to succeed in this brutal war,” emphasized Andrew Griffith, Economic Secretary to the Treasury of the UK.
According to the Office of Financial Sanctions Implementation, Russia has overtaken Libya and Iran to become the most sanctioned country in the UK. The Russian asset freezes are £6 billion more than the amount covered by all other UK sanctions regimes.
Britain has so far imposed sanctions against more than 1,200 individuals and more than 120 entities in Russia, including businessmen, companies and prominent politicians.
The UK government began imposing travel bans, asset freezes and other sanctions on February 24, 2022, the day when Moscow sent troops into Ukraine.