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April 6,2022

Anna Murray 

More than 60% of Putin's war chest has been frozen as a result of sanctions, but during a visit to Warsaw on April 5, Liz Truss, the UK's Secretary of State for Foreign, Commonwealth and Development Affairs, stressed that more has to be done.

According to Ms Truss, the United Kingdom has frozen over $350 billion of Russian President Vladimir Putin’s war chest which makes 60% of his foreign currency reserves. So far, the United Kingdom's sanctions have crippled those who feed and pay Putin's military machine. She said that the Russian government had lost access to more than 60% of the regime's $604 billion in foreign currency reserves as a result of this action.

She urged a ban on Russian ships docking in Western ports, as well as a clear timeline for eliminating Russian oil, coal, and gas imports. She also requested that the UK's NATO and the Group of Seven (G7) nations strengthen restrictions on businesses that contribute to Putin's military chest, such as the gold trade.