The UK has added 350 extra Russians to its sanctions record, hiked tariffs on a swath of imports from vodka to metal, and banned exports of luxurious items in retaliation for Moscow’s full-scale invasion of Ukraine.
International Secretary Liz Truss on Tuesday mentioned the asset freeze and journey ban now prolonged to 51 oligarchs and their households, in addition to Russian President Vladimir Putin’s “political allies and propagandists”.
“Working intently with our allies, we’ll preserve growing the stress on Putin and lower off funding for the Russian warfare machine,” she mentioned.
Amongst these added to the sanctions record had been Mikhail Fridman and Petr Aven, who’re already topic to European Union sanctions, and who this month stepped down from the LetterOne funding fund they co-founded, and Alfa-Financial institution founder German Khan.
Dmitry Medvedev, former prime minister and president, Dmitry Peskov, Kremlin press secretary, and Maria Zakharova, the international ministry spokeswoman, had been additionally positioned on the record.
The UK has been accused of being sluggish to behave towards Russian pursuits in contrast with its close to neighbours within the EU.
Earlier sanctions
Oligarchs beforehand focused with journey bans and asset freezes embrace Chelsea Soccer Membership proprietor Roman Abramovich, in addition to Putin and Russian International Minister Sergey Lavrov.
In the meantime, the UK has severed ties with Russian banks, grounded planes and stopped ships from utilizing its ports, and plans to part out Russian oil imports by the year-end.
The newest sanctions got here as a brand new legislation got here into impact on Tuesday morning after a fast-track process via parliament because the invasion.
The Financial Crime (Transparency and Enforcement) Act notably creates a brand new Register of Abroad Entities, requiring these behind international firms who personal UK property to disclose their identities or danger prosecution.
Ministers mentioned it could be a invaluable instrument for legislation enforcement businesses to analyze suspicious wealth.
Reforms have additionally been launched to so-called “unexplained wealth orders”, defending businesses from exorbitant authorized prices which have beforehand been a brake on prosecutions.
Finance Minister Rishi Sunak mentioned it would “allow us to crack down more durable and quicker on soiled cash and those that help Putin and his regime”.
‘Most hurt’
On tariffs, the Division for Worldwide Commerce mentioned the purpose was to trigger “most hurt to Putin’s warfare machine whereas minimising the affect on UK companies”.
“Russian vodka is among the iconic merchandise affected by the tariff will increase, whereas the export ban will doubtless have an effect on luxurious automobiles, high-end vogue and artistic endeavors.”
The record of products coated by the extra tariffs included metal, wooden, cereals, drinks, fur and whitefish – value 900 million kilos ($1.2bn) a 12 months.
“The export ban will come into pressure shortly and can ensure that oligarchs and different members of the elite, who’ve grown wealthy below President Putin’s reign and help his unlawful invasion, are disadvantaged of entry to luxurious items,” the division mentioned.
The UK will deny Russia and its ally Belarus entry to “most favoured nation” tariffs below World Commerce Group guidelines.
“The UK is working with our worldwide companions and is supporting the WTO to stop those that fail to respect the rules-based worldwide order from reaping its advantages,” it mentioned.
“These tariffs construct on the UK’s current work to starve Russia’s entry to worldwide finance, sanction Putin’s cronies and exert most financial stress on his regime,” Sunak mentioned.
The UK and different Western powers have imposed powerful punitive measures on Russia since Putin despatched troops into the nation on February 24.
However Ukraine’s President Volodymyr Zelenskyy mentioned Western sanctions didn’t go far sufficient, in a video name to northern European leaders assembly in London.
“There must be a commerce embargo with Russia,” he instructed them through an interpreter.