The UK Introduces Legislation to Keep Frozen Assets of Russians 

by Meifan Honcharuk
Monday, June 19, 2023
The UK Introduces Legislation to Keep Frozen Assets of Russians 

The state government decided on new methods to increase pressure on Russia and force it to pay reparations to Ukraine

On June 19, the UK government increased sanctions pressure on the aggressor country. There will be several methods for this. One of them is amendments to the legislation that will allow the withholding of Russian funds until the Kremlin pays reparations to Ukraine. Next: Russian citizens who have assets in Great Britain must declare them to the British government. The government also plans to approve the sanctioning of Russian assets and their transfer to Ukraine as reparations.

Tomorrow, UkraineRecovery will be held in London, at which British decisions on increased sanctions pressure and measures to restore Ukraine will be announced.

"British foreign minister James Cleverly said Ukraine's reconstruction needs will be "immense", and the new measures will "ensure Russia pays to repair the country it has so recklessly attacked," Reuters. 

Great Britain plans to legislate its right to change the purpose of the frozen funds, keep them and transfer them to Ukraine as compensation for the damage caused by the Russian army. Today, £18 billion, which previously belonged to 1.550 Russians, is frozen by sanctions in Great Britain. This also includes Roman Abramovich's £2.3 million from the sale of Chelsea. Previously, the businessman declared his desire to transfer funds from the sale of the football club to Ukraine, and now to share money with Russians, who also suffered from the war. The British government did not agree to the new conditions and blocked the money.

"There will be no coercion of individuals to encourage them to transfer funds, nor any offer of sanctions relief in return for making a donation," the government of the UK.

According to data from the World Bank, the United Nations, the European Commission and Ukraine, Russia should compensate Ukraine for $411 billion.

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