New data released on 21 March reveals the impact of UK sanctions on Russia. It is reported that more than £25bn of Russian assets have been frozen since Russia’s illegal invasion of Ukraine.
According to the annual review by Britain’s Financial Sanctions Enforcement Office, the UK, together with its allies, has imposed the most severe sanctions on Russia to date. As of March 2024, the UK has identified and added 2,001 individuals and entities to the sanctions list under the Russia sanctions regime.
The sanctions imposed by the UK and its allies have had a significant impact on Russia’s economy, causing Russia to lose more than $400 billion since February 2022, equivalent to four years of military spending.
According to the British Government, Russia’s overall financial situation has weakened and the federal budget is expected to run a deficit until at least 2026. The rouble has depreciated significantly and Russia is experiencing a shortage of skilled labour, which is further straining the economy. Inflation is rising, with rates far exceeding targets, while high interest is exacerbating the situation.
