The UK has announced a series of new sanctions on Russia as the war ranges on in Ukraine, all of which target businesses and individuals that are helping to fund the conflict. Organisations connected to Russia’s energy, metals, defence, transport and finance will all be hit by the sanctions as Rishi Sunak says he wants them to “pay the price” for the invasion.
The list of 86 sanctions has been released following Sunak’s announcement at the G7 conference in Japan about the new ban on imported Russian diamonds. The Russian diamond industry was worth $4bn (£3.2bn) in exports in 2021.
Speaking at the G7 conference, the Prime Minister said:
“For the sake of global peace and security, we must show that brutal violence and coercion do not reap rewards. As today’s sanctions announcements demonstrate, the G7 remains unified in the face of the threat from Russia and steadfast in our support for Ukraine.
“We are meeting today in Hiroshima, a city that exemplifies both the horrors of war and the dividends of peace. We must redouble our efforts to defend the values of freedom, democracy and tolerance, both in Ukraine and here in the Indo-Pacific.”
Among the new sanctions announced today, the following areas and industries have been hit:
- An import ban of Russian coal, oil and LNG by introducing designations of nine organisations connected to Rosatom – the state-owned nuclear energy company.
- A ban on UMATEX, which produces products that have been used for military purposes in Russia.
- A ban on TRINITI, which has been developing laser technology thanks to funding from the Russian Federation’s State Defence Order.
- Sanctions against Igor Altushkin, a billionaire who owns the Russian Copper Company.
- Sanctions against eight other companies connected to metal production in Russia.
- A ban on Russian imported aluminium, nickel and copper.
- Sanctions against 24 individuals connected to Russia’s transport services.
- Pawell Shipping Co LLP, the State Grain Corporation have been sanctioned after reports of the company stealing Ukrainian grain and shipping it back to Russia.
- Sanctions against six Russian shipping companies, including Sovcomflot which has been supporting Russia to undermine previous Western sanctions.
- Sanctions against Alan Valerievich Lushinkov and Vladimir Nikolaevich Lepin whose company have been producing 95% of firearms in Russia.
- Sanctions against JSC BMZ which has been producing anti-personnel and anti-tank mines for the Russian army in Ukraine.
- Sanctions against JSC Motovilikhinskiye, which has been manufacturing howitzers for the Russian army in Ukraine.
- Sanctions against five financial institutions to isolate Russia from the global financial system.
- Sanctions against JSC Dom Rf, an institution which acts under orders from the Russian government. Throughout the war, it has been supporting Russia’s industrial exports.
For a full list of all the sanctions, visit the government website.
Increasing the pressure
The hope is that the new list of sanctions will ramp up pressure on not only industries in Russia which are helping to fund Putin’s assault but also other nations that are perhaps not being quite as firm in their actions towards the nation.
Since Russia first invaded Ukraine last year, the UK has sanctioned over 1500 individuals and organisations and has frozen more than £18bn worth of assets in the UK. From the start, the UK Government was adamant that they weren’t going to turn a blind eye, and Downing Street has said that their efforts have helped to immobilise 60% of Putin’s war chest so far.
Speaking about the impact of the continued efforts against Russia, Foreign Secretary James Cleverly said:
“Putin and his supporters must – and will – pay the price for their illegal invasion of Ukraine. That’s why through today’s new sanctions we are increasing the economic pressure on Putin – making it harder for him to wage his illegal war and inflict untold suffering on innocent Ukrainians”.
“We will continue to increase this pressure and crack down on all emerging forms of circumvention until Ukraine prevails and peace is secured. Our support for Ukraine is, and will remain, resolute for as long as it takes”.
The UK’s new sanctions on Russia are a significant step in increasing pressure on the country for its continued aggression in Ukraine. By targeting businesses and individuals that are helping to fund the war, the UK is sending a strong message that the international community will not stand idly by while Putin continues to violate international law.
The hope is that these sanctions will not only hurt Russia’s economy but also encourage other nations to take a firmer stance against the country’s actions to make it harder for Putin to wage his illegal war.