After the EU, it's Britain'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 (about 32 billion USD) of Russian assets since the conflict in Ukraine broke out more than 3 years ago.

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

According to Deputy Minister Reynolds, the total value of assets that London and its allies have "stripped" from Moscow is "more than 400 billion USD, equivalent to Russia's military spending in 4 years".

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

The UK Treasury report noted that London had sanctioned “2,001 individuals and entities” related to Russia between February 2022 and March 2024.

Although Western sanctions have had a significant impact on the Russian economy, Britain and many other countries have yet to reach an agreement on how to deal with Russia's frozen assets.

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

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

Western countries froze Russian assets – including the country’s central bank reserves in short-term government bonds – after the conflict in Ukraine escalated in 2022. Most have now been converted into cash, and these assets are mainly held in EU custodian banks, mostly in institutions such as Belgium’s Euroclear clearinghouse.

The text adopted by EU leaders reads: "Under EU law, Russian assets must remain in place until the country has paid compensation for damage caused by the conflict."

The Kremlin has condemned any attempt to seize Russian assets as “theft” and warned of serious legal consequences. Moscow has also hinted at potential retaliation 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