Britain confirms £22.7bn in Russian assets frozen

The UK government has confirmed that £22.7 billion in Russian assets have been frozen under sanctions imposed in response to Russia’s invasion of Ukraine but has stated that it does not maintain a public list of Russian nationals with significant assets in the UK, according to responses to written parliamentary questions.

Lord Swire, a Conservative life peer, asked the Foreign, Commonwealth & Development Office (FCDO) whether the government would provide a list of Russian nationals with over £1 million in assets in the UK who are not subject to sanctions.

He also inquired whether the government would publish details on property frozen or seized from Russian nationals with significant assets.

Responding to the questions, Baroness Chapman of Darlington, Parliamentary Under-Secretary at the FCDO, confirmed that “between February 2022 and October 2023, £22.7 billion in frozen funds had been reported to the Office of Financial Sanctions Implementation (OFSI) in relation to the Russia sanctions regime.” However, she emphasized that “OFSI do not disclose the value of any funds held by particular designated persons or entities.”

On the issue of tracking and listing wealthy Russian nationals, Baroness Chapman stated, “The UK does not hold a consolidated list of Russian nationals with more than £1 million in assets.” When pressed on why some individuals with significant assets had not been sanctioned, she added, “It would not be appropriate to comment on future designations or the reasons why an individual is not currently designated.”

Lord Swire also sought information on specific properties that had been frozen or seized. In response, Baroness Chapman clarified the nature of asset freezes, stating that “an asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they transferred to HM Treasury.”

The UK has sanctioned over 2,200 individuals and entities under the Russia regulations, with more than 2,000 of these sanctions imposed following Russia’s invasion of Ukraine. “To date, the UK has sanctioned over 2,200 individuals and entities under the Russia regulations, over 2,000 of which were sanctioned following Russia’s illegal invasion of Ukraine,” Baroness Chapman confirmed.

She also noted that further details on frozen assets would be provided in the coming months. “OFSI intends to publish its 2023-2024 Annual Frozen Asset Review this spring 2025,” she stated.

While the government has provided an overall figure for frozen assets, it has declined to disclose specific details regarding individual Russian nationals or their property holdings in the UK.