British has now frozen more than £18billion of Russian assets since the start of Vladimir Putin's barbaric invasion of Ukraine, a new report has revea
The body responsible for Britain’s sanctions regime hailed the ‘unprecedented size, scale and complexity’ of the action since the Russian President launched his assault.
The Office of Financial Sanctions Implementation’s annual review said the measures taken against the Kremlin had led to the ‘most stringent financial sanctions in history’.
As well as the £18billion of Russian assets reported as frozen to the OFSI – which has doubled its number of staff this year – the Government said more than 1,200 individuals and 120 entities had been designated since the start of Mr Putin’s invasion.
Action has also been taken against 19 Russian banks with global assets of £940billion.
The economic impact of the sanctions is predicted to cause a 6.2 per cent hit to Russia’s GDP this year, when compared to pre-invasion forecasts.
It is also expected to decline a further 2.3 per cent in 2023.
British has now frozen more than £18billion of Russian assets since the start of Vladimir Putin’s barbaric invasion of Ukraine
The body responsible for Britain’s sanctions regime hailed the ‘unprecedented size, scale and complexity’ of the financial action since Russia launched its assault on Ukraine
Russia this week ordered its troops to withdraw from the occupied Ukrainian city of Kherson, which marked one of the country’s most significant retreats
A Ukrainian soldier shows V sign from a tank as it continued towards Kherson
The Treasury estimated 60 per cent of Russia’s foreign reserves had been immobilised, while the country’s exports have plummeted and imports of criticial goods have fallen by 68 per cent from sanctioning countries.
It also highlighted how Russia’s military is now having to scavenge vital semiconductors from fridges and is being forced to send Soviet-era equipment to the frontline.
Andrew Griffith, the Economic Secretary to the Treasury, said: ‘As staunch defenders of democracy, the UK is united with its allies in opposition to Russia’s barbaric and unprovoked invasion of Ukraine.
‘We have imposed the most severe sanctions ever on Russia and it is crippling their war machine.
‘To make sure we are doing all we can to keep the pressure on Putin’s corrupt cronies we are more than doubling OFSI’s headcount.
‘Our message is clear: we will not allow Putin to succeed in this brutal war.’
On a visit to an Army camp in Kent yesterday, where Ukrainian volunteers are being trained to fight against Russia, Defence Secretary Ben Wallace described Russia as ‘losing slowly’.
Russia this week ordered its troops to withdraw from the occupied Ukrainian city of Kherson, which marked one of the country’s most significant retreats.
Kherson is the main city of the region of the same name – one of four Ukrainian regions which Mr Putin proclaimed in September he was incorporating into Russia ‘forever’.