LONDON, (Parliament Politics Magazine) – The Foreign Secretary Liz Truss announced today a significant increase in UK sanctions on Russia.
- The largest Russian bank has had its assets frozen, and any new UK foreign investment into Russia has been stopped.
- By the end of 2022, the UK will cease all imports of Russian oil and coal, as well as take action against oligarchs and critical strategic industries.
- At a meeting tomorrow, the Foreign Secretary will push her G7 counterparts to keep the momentum going on new sanctions waves.
Following more accusations of heinous attacks on civilians in Ukraine this week, Foreign Secretary announced today (Wednesday, April 6) a major increase in UK sanctions against Russia.
The UK’s fifth set of actions, as a leading voice pushing for international action, will cut off important sections of the Russian economy and eliminate its reliance on Russian energy. The actions taken today are in lockstep with the UK’s global allies, as the EU has prohibited Russian coal imports and the US has sanctioned SberBank.
Liz Truss, Foreign Secretary, announced the package, saying:
With some of the UK’s toughest sanctions yet, they were pushing up their fight to put an end to Putin’s heinous war.
Their most recent round of sanctions would put an end to the UK’s purchases of Russian energy and blacklist even more people and companies, thereby crippling Putin’s war machine.
They were showing the Russian elite, along with the UK’s allies, that they can’t wash their hands of the horrors carried out on Putin’s instructions. They would not stop till Ukraine prevailed.
The following are some of the most important sanctions announced today:
- Sberbank and Credit Bank of Moscow have had their assets frozen. Sberbank is Russia’s largest bank, and the freeze was implemented in collaboration with the United States.
- All new foreign investment to Russia is to be banned outright. In 2020, the UK had invested more than £11 billion in Russia in 2020. This will be yet another big setback for Russia’s economy, limiting their future prospects even further.
- By the end of 2022, the UK will be free of all Russian coal and oil imports dependency, and gas imports will be phased out as soon as practicable. Exports of crucial oil refining equipment and catalysts will be prohibited beginning next week, further eroding Russia’s ability to produce and export oil – a move that targets not only the industry’s finances but also its overall capabilities.
- Russia’s core critical industries and state-owned firms are being targeted. This includes a prohibition on iron and steel imports, which are a major source of revenue. New limits on Russia’s ability to purchase the UK’s world-renowned quantum and sophisticated material technology are also thwarting its military goals.
- and eight other oligarchs who are involved in these businesses, which are used by Putin to fund the war economy, will be targeted.
They include:Â
- Viatcheslav (Moshe) Kantor, the fertiliser company’s largest stakeholder
- For the Russian government, Acron, a crucial strategic asset.
- Andrey Guryev, a well-known close ally of Vladimir Putin and the founder of the Putin Foundation.
- PhosAgro, a significant strategic fertiliser manufacturer.
- Sergey Kogogin, Director of Kamaz, a truck and bus manufacturer that supplies the Russian military.
- President of the world’s greatest diamond producer, Sergey Sergeyevich Ivanov
- Alrosa was sanctioned by the UK as well.
- With a net worth of £18 billion, Leonid Mikhelson, the founder and CEO of Novatek, a major Russian natural gas company.
- Andrey Akimov, the CEO of Gazprombank, Russia’s third largest bank
- Aleksander Dyukov, the CEO of GazpromNeft, Russia’s third largest and primarily state-owned oil company.
Boris Borisovich Rotenberg, the son of SGM, Russia’s largest gas pipeline manufacturer. The Rotenberg family is well-known for its strong ties to Putin, and some members have previously been sanctioned.
The Foreign Secretary will urge for more concerted action at tomorrow’s G7 Foreign Ministers meeting, including an accelerated timeline for all G7 countries to eliminate their reliance on Russian energy.
She will also advocate for sustained G7 solidarity in implementing further rounds of coordinated sanctions against the Russian economy and Putin’s inner circle until Russia withdraws its soldiers and puts an end to its ruthless campaign of aggression against Ukraine.
