UK Freezes £25 Billion in Russian Assets Since Ukraine Invasion

Calls grow for emergency legislation to seize frozen funds and redirect them to support Ukraine’s defense and reconstruction.

The UK has frozen £25 billion in Russian assets since February 2022, targeting 2,001 individuals and entities linked to the Kremlin.
Treasury Minister Emma Hardy highlighted the sanctions’ success, noting that the UK and its allies have deprived Russia of over $400 billion, equivalent to four years of its military spending.
Despite freezing these assets, the UK has not yet enacted measures to seize them, prompting debates about legal and geopolitical challenges.
Liberal Democrat leader Sir Ed Davey has urged the government to introduce emergency legislation to seize the funds and support Ukraine’s war and reconstruction efforts.
The Office of Financial Sanctions Implementation (OFSI) has expanded enforcement mechanisms to prevent sanctions breaches and ensure compliance.