Russia heading for deepest recession since Soviet Union collapse, UK says

Russia is headed for the deepest recession since the collapse of the Soviet Union, Britain predicted on Friday as it estimated that over 275 billion pounds ($358.52 billion) of Russian money has been frozen by international sanctions in recent weeks.

"The lavish lifestyles of the Kremlin's inner circle will be further targeted from today as the UK sanctions the adult daughters of President Vladimir Putin and his Foreign Minister Sergey Lavrov," the government said in a statement. ($1 = 0.7670 pounds)