United Kingdom helps freeze more than £48 billion in Russian assets

Since Putin’s invasion of Ukraine, the Russian Elites, Proxies and Oligarchs Task Force (REPO) has worked across the globe to block or freeze more than £48 billion in Russian assets.

The United Kingdom alone has frozen more than £18 billion in Russian assets.

Security Minister Tom Tugendhat met with the taskforce on the morning of Thursday 9 March 2023.

Speaking after the meeting, Minister Tugendhat said:

The UK continues to play a leading role in holding Russia to account for its unprovoked war of aggression against Ukraine.

Alongside our allies in the Russian Elites Proxies and Oligarchs Task Force we have blocked or frozen more than £48 billion worth of Russian assets, putting unprecedented financial pressure on Putin and his cronies.

Together we stand united in defending global democracy and fighting against authoritarianism. There is more to come.

Australia, Canada, France, Germany, Italy, Japan, the United States and the European Commission are all members of the taskforce, which was set up to exert unprecedented pressure on sanctioned Russians.

At the meeting REPO members agreed a joint statement which sets out achievements to date and the ongoing international focus on enforcing sanctions on Russia.

Members also released a global advisory, to assist banks and the private sector, on Russian sanctions evasion.