UK Foreign Secretary: "Over 60% of Russia's Foreign Exchange Reserves Frozen Due to Sanctions"

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[Asia Economy Reporter Hyunwoo Lee] UK Foreign Secretary Liz Truss emphasized that Russia's foreign exchange reserves have been frozen by more than 60% due to Western sanctions, causing significant damage to the Russian economy. As controversies over civilian massacres committed by Russian forces in Ukraine grow, Western sanctions against Russia are expected to be further strengthened.

According to the UK BBC on the 5th (local time), after a meeting with Polish Foreign Minister Zbigniew Rau, Secretary Truss stated at a press conference, "Due to sanctions against Russia, more than 60% of Russia's total foreign exchange reserves of $604 billion (approximately 733 trillion KRW), or $350 billion, have become unusable," emphasizing, "With the sanctions we coordinated, the Russian economy is regressing to the Soviet era."

She then urged G7 countries to introduce additional sanctions ahead of this week's NATO and G7 foreign ministers' meetings. Secretary Truss pointed out, "Although Russian forces were defeated in their initial attack on Kyiv, their intentions and ambitions remain unchanged," adding, "We are witnessing Russian forces massacring civilians while targeting eastern and southern Ukraine."

At the UK's G7 foreign ministers' meeting, it is reported that demands will be made for banning Russian ships from entering ports, strengthening sanctions on Russian banks, cracking down on industries that could be mobilized to fund Russia's war efforts such as gold trading, and agreeing on a clear timetable to halt imports of Russian crude oil and gas.

Separately, the UK has decided to provide ?10 million (approximately 15.9 billion KRW) to organizations assisting victims of sexual violence resulting from the Ukraine invasion, and has announced financial and technical support for the International Criminal Court's (ICC) investigation into sexual assault.

This content was produced with the assistance of AI translation services.