Following the EU, it's now the UK's turn to take the latest action.

British Finance Minister Emma Reynolds said on March 21 that the country has frozen more than £25 billion (approximately $32 billion) in Russian assets since the conflict in Ukraine broke out more than three years ago.

The Kremlin condemned any attempts to seize Russian assets and warned of serious legal consequences. (Source: Shutterstock)

According to Deputy Secretary Reynolds, the total value of assets that London and its allies have "seized" from Moscow is "more than $400 billion, equivalent to four years of Russian military spending."

Ms. Reynolds affirmed that Britain and its allies will continue to enforce financial sanctions against Moscow.

According to a report by the UK Treasury, London sanctioned “2,001 individuals and entities” linked to Russia between February 2022 and March 2024.

Although Western sanctions have had a significant impact on the Russian economy , the UK and many other countries have yet to reach an agreement on how to handle frozen Russian assets.

Previously, the European Union (EU) decided not to seize more than $200 billion in Russian assets that the bloc had frozen in 2022.

According to documents adopted at the EU summit on March 20, the bloc cited legal and financial stability risks associated with the decision. However, the interest generated by these assets will continue to be used to support Ukraine.

Western nations froze Russian assets – including the central bank's reserves in the form of short-term government bonds – after the conflict in Ukraine escalated in 2022. Much of this has now been converted into cash and is primarily held in EU custodian banks, mostly in institutions such as the Belgian clearing company Euroclear.

The text adopted by EU leaders states: "Under EU law, Russian assets must remain in place until Russia compensates for the damage caused by the conflict."

The Kremlin has condemned any attempts to seize Russian assets, calling them "theft" and warning of serious legal consequences. Moscow has also hinted at potential retaliatory measures against Western businesses operating in Russia.

Source: https://baoquocte.vn/tai-san-nga-bi-phong-toa-sau-eu-toi-luot-anh-co-hanh-dong-moi-nhat-308442.html