The UK has revealed the damage caused by sanctions against Russia.
The United Kingdom’s (UK) Office of Financial Sanctions Implementation (OFSI) announced on March 21 that, as a result of sanctions, Russian assets worth more than £25 billion were frozen.
“We will continue to robustly enforce our financial sanctions as part of our wider response to Russia’s barbaric invasion of Ukraine,” said Economic Secretary to the Treasury, Emma Reynolds.
As of March 2024, the UK government had imposed sanctions on 2,001 individuals and entities associated with Russia.
The UK government states that Russia’s overall financial standing has weakened, with the federal budget expected to remain in deficit until at least 2026. The rouble has significantly depreciated, and Russia is experiencing a shortage of skilled workers, further straining the economy. Inflation is rising, with rates far exceeding targets, while high interest rates and economic isolation have made borrowing costly. As a result of UK sanctions, Russia’s military has been forced to turn to rogue states like North Korea and Iran for critical supplies.
