The UK government has confirmed that £22.7 billion in Russian assets have been frozen under sanctions imposed in response to Russia’s invasion of Ukraine.
However, officials have stated that there is no public list of Russian nationals with significant assets in the UK.
The confirmation came in response to written parliamentary questions from Lord Swire, a Conservative life peer, who asked the Foreign, Commonwealth & Development Office (FCDO) whether the government would disclose the names of Russian nationals holding over £1 million in UK assets who are not subject to sanctions.
He also requested information on property frozen or seized from Russian individuals with significant wealth.
Responding to these queries, Baroness Chapman of Darlington, Parliamentary Under-Secretary at the FCDO, revealed that between February 2022 and October 2023, £22.7 billion in frozen funds had been reported to the Office of Financial Sanctions Implementation (OFSI) under the Russia sanctions regime.
However, she stressed that OFSI does not disclose the value of assets held by specific sanctioned individuals or entities.
Regarding the tracking of wealthy Russian nationals, Baroness Chapman stated, “The UK does not hold a consolidated list of Russian nationals with more than £1 million in assets.”
She also declined to comment on why certain individuals with significant wealth had not been sanctioned, saying, “It would not be appropriate to comment on future designations or the reasons why an individual is not currently designated.”
When asked about specific properties frozen or seized from Russian nationals, Baroness Chapman clarified that asset freezes do not equate to asset seizures.
“An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they transferred to HM Treasury,” she explained.
The UK has sanctioned over 2,200 individuals and entities under Russia-related regulations, with more than 2,000 of these sanctions introduced following Russia’s full-scale invasion of Ukraine in 2022.
Baroness Chapman also confirmed that additional details on frozen assets would be made available in the coming months. “OFSI intends to publish its 2023-2024 Annual Frozen Asset Review this spring 2025,” she said.
While the government has provided an overall figure for frozen assets, it has declined to disclose specific details about individual Russian nationals or their UK-based property holdings.
