The United Kingdom Office of Financial Sanctions Implementation (OFSI) said it has imposed sanctions on a record £18 billion worth of Russian-owned assets.
The list includes Russian oligarchs, other individuals, and entities accused by the UK of funding the war in Ukraine. Economic Secretary to the Treasury Andrew Griffith stated: "We have imposed the most severe sanctions ever on Russia and it is crippling their war machine," going on to stress that the OFSI does its best to "keep the pressure on [Russian President Vladimir] Putin's corrupt cronies." According to the OFSI Annual Review, new measures make Russia the most sanctioned nation by the UK.
The UK placed a number of sanctions on Russia at the onset of the Ukraine crisis, which then-Foreign Secretary Liz Truss said will be removed if Moscow withdraws from Ukraine. The scope of measures against Russian individuals was expanded many times, penalizing top Russian businessmen, and individuals accused of being in Putin's "inner circle," bringing the imports from Russia to the lowest level in history in August.
