UK ratchets up sanctions on Russia

The Foreign Secretary has announced a ratcheting up of UK sanctions on Russia, following further reports of abhorrent attacks on civilians in Ukraine.

There will be a full asset freeze on largest Russian bank and end to all new UK outward investment into Russia announced.

The UK to end all imports of Russian coal and oil by end of 2022 and take action against oligarchs and key strategic industries

Today Liz Truss will urge G7 colleagues to maintain the momentum on further waves of sanctions.

The government says the measures have been delivered “in lockstep” with global allies as the EU has also banned imports of Russian coal and the US has sanctioned SberBank.

Announcing the package, the Foreign Secretary Liz Truss said:

“Today, we are stepping up our campaign to bring Putin’s appalling war to an end with some of our toughest sanctions yet.

“Our latest wave of measures will bring an end to the UK’s imports of Russian energy and sanction yet more individuals and businesses, decimating Putin’s war machine.

“Together with our allies, we are showing the Russian elite that they cannot wash their hands of the atrocities committed on Putin’s orders. We will not rest until Ukraine prevails.”

Key sanctions announced yesterday evening include asset freezes against Sberbank and Credit Bank of Moscow. Sberbank is Russia’s largest bank and this freeze is being taken in co-ordination with the US

There will also be an outright ban on all new outward investment to Russia. In 2020 UK investment in Russia was worth over £11 billion. This will be another major hit to the Russian economy and further limit their future capabilities

A further eight oligarchs active in industries which Putin uses to prop up his war economy will also face sanctions.