LONDON: Britain on Monday introduced legislation that will allow it to keep sanctions against Russia in place until Moscow pays compensation to Ukraine, and announced a new route for frozen assets to be donated to Ukraine’s reconstruction.

The new legislation will allow the British government to maintain sanctions by amending the purposes of the Russia sanctions. The legislation will state that sanctions can be used for promoting the payment of compensation by Russia.

“As Ukraine continues to defend itself against Russia’s invasion, the terrible impacts of Putin’s war are clear. Ukraine’s reconstruction needs are – and will be – immense,” British foreign minister James Cleverly said.

Over $8bn of Russian central bank assets held in Switzerland

“Through our new measures today, we’re strengthening the UK’s sanctions approach, affirming that the UK is prepared to use sanctions to ensure Russia pays to repair the country it has so recklessly attacked.”

Since the invasion of Ukraine last year, Britain has frozen more than 18 billion pounds ($23 billion) in assets and sanctioned over 1,550 Russian individuals including Roman Abramovich, former owner of Chelsea Football Club.

The British government also said that sanctioned Russians who say they support Ukraine, will now have a new way to donate their frozen funds for Ukrainian reconstruction.

Russian assets worth 19bn euros frozen in EU over Ukraine war

“This will be a voluntary process whereby sanctioned individuals may apply for funds to be released for the express purpose of supporting Ukraine’s recovery and reconstruction,” the government said in a statement.

“There will be no coercion of individuals to encourage them to transfer funds, nor any offer of sanctions relief in return for making a donation.”

Comments

Comments are closed.