The British government has frozen assets worth over £18 billion ($20.5 billion) belonging to Russian oligarchs, other sanctioned individuals, and sanctioned businesses in response to the invasion of Ukraine.
The Office of Financial Sanctions Implementations (OFSI) announced this on Thursday, adding that Russia has surpassed Libya and Iran to become Britain’s most heavily sanctioned nation.
According to Reuters, the frozen Russian assets exceeded the amount reported by all other British sanctions governments by £6 billion.
Roman Abramovich, the former Russian billionaire owner of Chelsea, and Mikhail Fridman, a businessman, are among those sanctioned this year, along with Vladimir Putin, his family, and military commanders.
The forfeited assets consist of a combination of company stock and cash held in bank accounts. It excludes physical assets like real estate and yachts, as well as assets held in Crown Dependencies such as Guernsey and Jersey.
The government has sanctioned 95% of Russian exports to the United Kingdom, and by the end of the year, all imports of Russian oil and gas will cease.
“We have imposed the most severe sanctions ever on Russia and it is crippling their war machine. Our message is clear: we will not allow Putin to succeed in this brutal war,” said Andrew Griffith, a junior government minister in the Treasury in a statement.
Britain has sanctioned over 1,200 individuals, including prominent businessmen and politicians, and over 120 Russian organizations.