Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

UK Froze £18.4 Billion in Russian Assets

Fri 11 Nov 2022 | 07:45 AM
Taarek Refaat

The United Kingdom has frozen £18.4 billion ($20.9 billion) in Russian assets since imposing tough sanctions on the country after its invasion of Ukraine.

The Financial Sanctions Enforcement Office said on Thursday that this amount is about £6 billion more than has been withheld from all other sanctioned regimes. In its annual review, the office added that the UK, along with its allies, had imposed sanctions on more than 1,200 people and 120 companies.

Since the invasion, the British Treasury has received 236 reports of sanctions violations. Russian billionaire Peter Avin is challenging allegations that he evaded penalties in a London court. He is suspected of using his wife's bank accounts and property management companies to finance his livelihood.

“We have imposed the most severe sanctions on Russia ever, and they are crippling their war machine,” said Andrew Griffiths, the UK’s Treasury Economic Officer. “To make sure we are doing everything we can to keep pressure on Putin’s corrupt friends, we are doubling the staff of the Financial Sanctions Implementation Office.” .