Britain has frozen 18 billion pounds worth of Russian assets - Reuters UK

LONDON, Nov 10 (Reuters) - The British authorities said connected Thursday it had frozen assets worthy much than 18 cardinal pounds ($20.5 billion) held by Russian oligarchs, different individuals and businesses sanctioned implicit Moscow's penetration of Ukraine.

Russia has overtaken Libya and Iran to go Britain's most-sanctioned nation, the Office of Financial Sanctions Implementation (OFSI), portion of the concern ministry, said successful its yearly report.

The frozen Russian assets were 6 cardinal pounds much than the magnitude reported crossed each different British sanctions regimes.

Russian billionaire Roman Abramovich and businessman Mikhail Fridman are among those sanctioned this year, on with President Vladimir Putin, his household and subject commanders.

The frozen assets are a operation of shareholdings successful companies and currency held successful slope accounts. It does not see carnal assets specified arsenic existent estate, yachts oregon assets held successful Crown Dependencies specified arsenic Guernsey and Jersey.

The authorities has sanctioned 95% of Russian exports to the United Kingdom and each imports of Russian lipid and state volition halt by the extremity of the year.

"We person imposed the astir terrible sanctions ever connected Russia and it is crippling their warfare machine," said Andrew Griffith, a inferior authorities curate successful the Treasury successful a statement.

"Our connection is clear: we volition not let Putin to win successful this brutal war."

Britain has truthful acold sanctioned much than 1,200 individuals including high-profile businessmen and salient politicians and much than 120 entities successful Russia.

SANCTIONS HURTING

Western sanctions mean a depletion of stockpiled parts for the automotive industry, with caller cars specified arsenic the latest Lada exemplary being produced without airbags oregon anti-lock brakes, officials said.

Russian aerospace companies are stripping airliners for spare parts and utilizing semiconductors successful room appliances successful Soviet-era tanks, the officials said, adding that a shortage of ammunition has played a relation successful Ukraine's caller battlefield successes.

Longer-term, Russia is suffering a encephalon drain and a deficiency of entree to captious technologies, with 75% of companies reducing operations and 25% leaving the state entirely, officials said.

While Russian assets are presently lone frozen, determination are discussions connected what options are disposable to prehend them. Western officials accidental determination is simply a request for large-scale fiscal assistance to rebuild Ukraine and a motivation lawsuit for those liable for the penetration to lend to this.

"I deliberation what we would similar to bash is look astatine what each the options are, what's possible, and past instrumentality a determination with allies connected that," 1 authoritative said.

Since Britain began imposing question bans, plus freezes and different sanctions connected Feb. 24, the time Russian forces invaded Ukraine, the authorities has received 236 reports of authorisation breaches.

Russian billionaire Petr Aven is challenging allegations that helium evaded sanctions against him successful a London court. He is accused of utilizing wealth parked successful British accounts to money his lifestyle.

The lawsuit is the archetypal to trial Britain's attack to enforcing sanctions connected Russian nationals since the invasion.

Reporting by Andrew MacAskill and Michael Holden Editing by Gareth Jones

Our Standards: The Thomson Reuters Trust Principles.