Russia: Sanctions

(asked on 6th December 2022) - View Source

Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent assessment he has made of the impact of sanctions on the Russian economy.


Answered by
Leo Docherty Portrait
Leo Docherty
This question was answered on 14th December 2022

Sanctions imposed by the UK and its international partners are having deep and damaging consequences for Putin's ability to wage war. The UK alone has sanctioned more than 1,200 individuals and 120 entities and our restrictions on the Russian Central Bank have immobilised £275 billion, worth over 60% of Russia's foreign reserves. Russia is in recession and is expected to remain there next year. It will be Russia's longest recession for over 25 years. According to IMF forecasts, Russia's GDP will be 11% smaller in 2026 vs pre-invasion forecasts and won't return to its pre-invasion level until 2027 at the earliest.

Reticulating Splines