The UK announced 65 new Russian sanctions targeting ‘strategic industries, banks, business elites’ and anyone currently supporting Russia’s invasion of Ukraine.
Since the invasion began in late February, the UK has penalized over 1,000 individuals and businesses under the Russian sanctions framework.
On Thursday, Foreign Secretary Liz Truss announced 65 new sanctions on Russian banks, oligarchs and businesses.
Major players in the Russian invasion including Russian Railway and defence company Kronshtadt have been sanctioned.
The Wagner Group has also been sanctioned since Russian mercenaries hired the group for the alleged assassination of President Zelenskyy.
Among the companies sanctioned are Alrosa, the world’s largest diamond manufacturer, and Alfa Bank whose cofounders include previously sanctioned Mikhail Fridman, Petr Aven, and German Khan.
The CEO of Sberbank, Herman Gref and founder of Tinkoff Bank Oleg Tinkov have been sanctioned as well.
Also included in the list of sanctioned individuals, Eugene Shvidler, the billionaire oil tycoon and Foreign Minister Lavrov’s step-daughter, Polina Kovaleva are added.
Lis Truss commented, “Putin should be under no illusions – we are united with our allies and will keep tightening the screw on the Russian economy to help ensure he fails in Ukraine. There will be no let-up.”
“All those sanctioned today will have their assets in the UK frozen which means no UK citizen or company can do business with them, and individuals subject to travel bans are also prohibited from travelling to or from the UK.”
“The UK has led the international sanctions effort, cutting off whole sectors of the Russian economy by targeting its defence companies, its trade and transport sector, and working with allies to exclude Russia from the SWIFT financial system.”
Earlier on Friday, EU leaders warned Russia that all loopholes to these sanctions will be addressed.
Russia is currently demanding the payment for their gas in Roubles; this request has been seen to be a circumvention of sanctions and will no longer be allowed.
President Biden claimed to increase gas shipments to the EU as a replacement for Russian supplies, however the EU reportedly remains sceptical.
EU leaders are meeting later today to discuss further sanctions on Russia, however, the likeliness of a ban on Russian gas is low due to Germany and Italy’s high dependence.