ACCORDING TO THE LATEST ANNOUNCEMENT, the UK government has declared that it will maintain the freeze on Russia’s assets until Ukraine receives proper compensation.
The British authorities have introduced new legislation to ensure that sanctions against Russia remain in effect until Moscow fulfills its obligation to pay reparations to Ukraine.
The recently enacted legislation grants the British government the power to sustain sanctions by modifying the objectives of the Russia sanctions. Its primary purpose is to facilitate the retrieval of compensation from Russia by employing sanctions to encourage payment.
The legislation stipulates that Moscow must designate an alternative channel through which the frozen assets can be allocated for Ukraine’s reconstruction.
As Ukraine continues to defend itself against the invasion by Russia, the devastating consequences of Putin’s aggression are evident. The reconstruction requirements of Ukraine are colossal and will demand significant resources,” emphasized James Cleverly, the British foreign minister.
“Through implementing our new measures today, we are fortifying the UK’s approach to sanctions, underscoring our readiness to utilize them to ensure that Russia assumes responsibility for repairing the nation it so recklessly attacked.”
Since the invasion of Ukraine occurred last year, the British government has imposed a freeze on over £18 billion (equivalent to $23 billion US dollars) worth of assets. It has imposed sanctions on more than 1,550 Russian individuals, including Roman Abramovich, the former owner of Chelsea Football Club.
Additionally, the British government has announced that Russian individuals subject to sanctions, who claim to support Ukraine, will now have the opportunity to contribute their frozen funds to aid Ukrainian reconstruction.
“This process will be purely voluntary, enabling sanctioned individuals to request the release of funds exclusively to assist Ukraine’s recovery and reconstruction,” stated the government in an official release.
No coercion will be employed to compel individuals to transfer funds, nor will any offer of sanctions relief be made in exchange for donating.”