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British Parliament investigates effectiveness of sanctions against Russia

British Parliament investigates effectiveness of sanctions against Russia Illustrative photo (Photo: Getty Images)
Author: Daria Shekina

The Parliament of Great Britain is investigating the effectiveness of British sanctions imposed against the Russian Federation, according to the website of the British Parliament.

"In the week following the second anniversary of Russia’s illegal invasion of Ukraine, the Treasury Committee is launching a new inquiry into whether the UK’s programme of economic sanctions is having the desired effect," the statement reads.

It is noted that the committee will examine the operation of the financial sanctions implementation office and also try to assess the possibility of confiscating frozen Russian assets.

"Two years on from Putin’s abhorrent invasion of Ukraine, Russia is still ploughing tens of billions into its defence budget which poses the question – are the West’s financial sanctions having the desired effect?" said Harriett Baldwin, chair of the Treasury Select Committee.

Sanctions by the United Kingdom against Russia

Recently, the UK announced the creation of a new unit to combat companies evading sanctions against Russia.

Additionally, the UK, in coordination with the US, imposed sanctions against Russians associated with the Russian Federal Security Service (FSB).

Furthermore, the UK government introduced legislation providing for further sanctions on goods and technologies that assist Russia in financing the war against Ukraine.