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Russia: Sanctions

Question for Foreign, Commonwealth and Development Office

UIN HL334, tabled on 18 May 2022

To ask Her Majesty's Government what assessment they have made of (1) the effectiveness of international sanctions against Russia, and (2) any potential gaps in those sanctions.

Answered on

30 May 2022

With our allies we have introduced the most significant economic sanctions that Russia has ever faced and they are having an impact. Since the invasion, the UK has sanctioned over 1,000 individuals and 100 entities, including hitting Putin's inner circle, oligarchs with a net global worth of over £117 billion under the Russia sanctions regime. Sanctions imposed by the UK and its international partners are having deep and damaging consequences for Putin's ability to wage war, with 60% (£275 billion) of Russian foreign currency reserves currently frozen. Analysis shows Russia is heading for the deepest recession since the collapse of the Soviet Union. We will continue to put more pressure on Putin's regime, including through further sanctions.