Government Statement
Sanctions are a critical tool in weakening Putin's war efforts and demonstrating our support for Ukraine. The UK has sanctioned over 1,800 individuals and entities since Russia's full-scale invasion, freezing more than £18 billion worth of Russian assets and over 60% of the central bank’s foreign reserves. This has led to a significant deficit in Russia's budget for 2022 and ongoing deficits in 2023 despite tax increases. The UK is also targeting those who facilitate sanctioned persons hiding their assets, closing loopholes, and implementing further sanctions like banning diamond imports and ending copper, aluminium, and nickel imports from Russia.