Arab Press

بالشعب و للشعب
Sunday, May 11, 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

Arab Press
0:00
0:00
Close
Trump's Upcoming Visit to Gulf Nations: Investment and Security at the Forefront
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
India-Pakistan conflict may be first test for Chinese military tech
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
IMF Predicts No Global Recession Amid Trade Tensions
Removing the Political Rival Means Diminishing What's Remaining of Turkey's Economy
White House Investigates Security Breach After Journalist Accidentally Added to Secret Yemen Strike Chat
UAE Pledges $1.4 Trillion Investment Strategy in the United States
Revealing the Electromagnetic Characteristics of the Great Pyramid of Giza
Netanyahu Dismisses Shin Bet Chief Amid 'Loss of Trust' and 'Qatargate' Corruption Investigations Involving Netanyahu's Advisors
U.S. Approves $100 Million Precision Rocket Sale to Saudi Arabia Amid Ongoing Yemen Conflict
High-ranking ISIS Official Neutralized in Collaborative Operation in Iraq
Netanyahu Rejects UN Reports on Gaza as 'Untrue'
Six Americans Freed from Detention in Kuwait
Syria Wraps Up Military Campaign Amid Extensive Violence and Large-Scale Killings.
Trump Speaks Out on the Arrest of Pro-Palestinian Student at Columbia University
Demonstrations Break Out as Individual Ascends Big Ben with Palestinian Flag
Over 300,000 Refugees Expected to Return to Syria Amid Ongoing Crisis
Trump Urges Nuclear Talks with Iran as Tensions Escalate
US Launches AI Initiative to Track Foreign Nationals' Social Media for Terrorist Support.
US Initiates Direct Discussions with Hamas During Hostage Situation
US Government Dismisses Arab Leaders' Plan for Gaza Reconstruction
US Engages in Unprecedented Covert Talks with Hamas Regarding Hostages
Arab Leaders Approve $53 Billion Initiative for Gaza Reconstruction
Iran's Enriched Uranium Stockpile Reaches Levels for Six Nuclear Devices
Israel Indicates Willingness to Resume Military Operations in Gaza
Hamas Lets Go of Last Israeli Hostage as Part of Ceasefire Deal
Trump Adjusts Gaza Resettlement Plan Following Rejections from Regional Leaders
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advance.
Israeli Minister Urges Hamas to Surrender and Depart from Gaza.
Iran Considers Moving Its Capital Due to Urban Difficulties
Israel and Hamas Finalize Sixth Exchange of Hostages and Prisoners During Continuing Gaza Ceasefire
Leaders of BRICS to Gather in Rio de Janeiro for July Summit
Muhsin Hendricks, a trailblazing openly gay imam, was killed in South Africa.
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Two British citizens apprehended in Iran amid escalating tensions.
Israel Issues Threat of Military Action as Hostage Negotiations with Hamas Continue
Hamas Coordinates Worldwide Solidarity Marches in Reaction to U.S. and Israeli Initiative
×