Today at 01:04
The UK government has frozen more than £25 billion ($32 billion) in Russian assets since the start of Russia’s full-scale war against Ukraine three years ago.
This is according to the latest data from the UK Treasury.
The freezing of £25 billion worth of Russian assets in the UK is the result of “the toughest sanctions Russia has ever faced,” the British government stated.
“Working with our allies, we have deprived Russia of over $400 billion, equivalent to four years of Russian military spending,” emphasized UK Treasury representative Emma Reynolds.
She assured that the UK would continue to “firmly enforce our financial sanctions as part of our broader response to Russia’s barbaric invasion of Ukraine.”
Notably, the UK has previously supported the confiscation of frozen Russian assets and their use to support Ukraine.
The UK is also participating in a $50 billion loan mechanism for Ukraine, funded by Russian assets. Under this framework, repayments will be covered by a windfall tax on the profits generated from frozen Russian assets.
Read also: Von der Leyen: Ukraine to gain access to new EU defense loan program
