Britain imposes new sanctions on Russia to “starve Putinʼs military machine”

Anna Kholodnova

The United Kingdom has announced additional sanctions against eight oligarchs and Russian banks, including the countryʼs largest Sberbank and Credit Bank of Moscow.

It is read in the statement of the British government under the title "UK imposes sweeping new sanctions to starve Putinʼs war machine"

The latest sanctions are in line with US sanctions, which they also imposed on Putinʼs two daughters.

"Today, we are stepping up our campaign to bring Putinʼs appalling war to an end with some of our toughest sanctions yet", stated Foreign Secretary Liz Truss while announcing the sanctions against Russia.

The key sanctions declared today include:

  • asset freezes against Sberbank and Credit Bank of Moscow. Sberbank is Russiaʼs largest bank and this freeze is being taken in coordination with the US;
  • an outright ban on all new outward investment to Russia. In 2020 UK investment in Russia was worth over £11bn. This will be another major hit to the Russian economy;
  • by the end of 2022, the UK will end all dependency on Russian coal and oil, and end imports of gas as soon as possible thereafter. From next week, the export of key oil refining equipment and catalysts will also be banned, degrading Russiaʼs ability to produce and export oil;
  • action against key Russian strategic industries and state-owned enterprises. This includes a ban on imports of iron and steel products, a key source of revenue;
  • and targeting a further eight oligarchs active in these industries, which Putin uses to prop up his war economy.

Ahead of the new sanctions being announced, UK Prime Minister Boris Johnson said: "Iʼm afraid when you look at whatʼs happening in Bucha, the revelations that we are seeing from what Putin has done in Ukraine doesnʼt look far short of genocide to me".

He is assured that the international community and Britain will be further moving to impose more sanctions and more penalties on Putinʼs regime.

Earlier, the United States has announced a new package of sanctions against Russiaʼs largest banks, as well as against Russian government officials and their families.