The British Government has taken a significant step by introducing legislation that enables the maintenance of sanctions against Russia until compensation is paid to Ukraine. Alongside this, a new route has been announced for frozen assets to be donated towards Ukraine's reconstruction efforts.
The newly introduced legislation allows the British government to amend the purposes of the existing Russia sanctions, thereby facilitating the continued imposition of sanctions. The legislation explicitly states that sanctions can be employed to promote the payment of compensation by Russia.
Highlighting the devastating impacts of Russia's invasion on Ukraine, British Foreign Minister James Cleverly emphasized the enormous reconstruction needs of the country. He stated that the UK's strengthened sanctions approach demonstrates its commitment to ensuring that Russia takes responsibility for the damage caused by its reckless attack on Ukraine.
Since the invasion of Ukraine, the British government has already frozen over £18 billion (approximately $23 billion USD) in assets and imposed sanctions on more than 1,550 Russian individuals, including prominent figures like Roman Abramovich, the former owner of Chelsea Football Club.
Additionally, the British government has introduced a new provision allowing sanctioned Russians who claim to support Ukraine to voluntarily donate their frozen funds to aid in Ukrainian recovery and reconstruction. The process will be entirely voluntary, without coercion or the offer of sanctions relief in exchange for donations.
