The British government said Friday it holds $32.3 billion in frozen Russian assets, according to an Office of Financial Sanctions Implementation report. File Photo by Betty Laura/EPA-EFE/ Pool
March 21 (UPI) — The British government said Friday it holds $32.3 billion in frozen Russian assets, according to an Office of Financial Sanctions Implementation report. The OFSI report said the figure “includes the value of funds frozen in the U.K. as well as overseas where those funds or economic resources are subject to U.K. financial sanctions legislation.”
The amount has gone up by 10% in a year.
“The U.K. has frozen $32 billion worth of Russian assets and working with our allies, we have deprived Russian of over $400 billion the equivalent to four years of Russia’s military spending. We will continue to robustly enforce our financial sanctions as part of our wider response to Russia’s barbaric invasion of Ukraine,” British Economic Secretary to the Treasury Emma Reynolds said in a statement
Europe has frozen roughly $216.5 billion in Russian assets as calls mount for that frozen money to be used to support Ukraine.
The immobilized funds are held in Belgium by Euroclear.
Belgian Prime Minister Bart De Wever told reporters Thursday evening that using frozen Russian assets for Ukraine would amount to “an act of war.”
In October Britain loaned Ukraine $3 billion from frozen Russian assets.
In December the United States loaned Ukraine $20 billion funded by frozen Russian assets.
Then-Treasury Secretary Janet Yellen said in a statement the money “will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression.”