UK and US Announce New Large-Scale Sanctions Against Russia

The United Kingdom has followed the United States in announcing new sanctions restrictions against Russia aimed at making it more difficult for it to wage war against Ukraine.

This was reported by the press service of the British government. 

The UK is announcing 50 new sanctions designations and specifications to cripple Putin's war machine, in coordinated action with G7 partners to support Ukraine, the statement said. 

The new targets include ships in Putin's shadow fleet, institutions at the centre of Russia's financial system, and suppliers that support Russian military production.  

These new sanctions, announced while the Prime Minister was attending the G7 leaders' summit in Italy, will reduce Russia's ability to finance and equip its war machine and demonstrate the UK's unwavering support for Ukraine.

The sanctions also targeted suppliers of various components, machines and microelectronics for the Russian military-industrial complex. These include companies registered in China, Israel, Kyrgyzstan, and Turkey, as well as ships that transport military goods from the DPRK to Russia. 

More than 2,000 individuals and legal entities from Russia, including 29 banks, which account for more than 90 per cent of the Russian banking sector, and more than 130 oligarchs and their family members, have also been subject to British sanctions. More than £20 billion of the trade turnover that existed between Russia and the UK before the full-scale war has been sanctioned. Imports from Russia to the UK dropped to almost zero, while exports from the UK to Russia fell by 73%.

Among the financial institutions targeted by the sanctions is the Moscow Stock Exchange, which was hit by US sanctions the day before and stopped trading the dollar and euro.

Large-scale new sanctions imposed on the eve of the US against more than 100 companies in the Russian military machine. These include Russian manufacturers of military equipment - from drones to ships - and components, explosives, ammunition, electronics, and military equipment repair plants.

Separately, the US Treasury's decree mentions Bank Tochka, founded in 2023 to provide financial services to an "entity that provides ammunition to Russian military personnel", and the Russian company Ecodor, which transports Russian military cargo.

As a reminder, the US Treasury also announced the expansion of the secondary sanctions mechanism against Russia and sanctions against more than 90 foreign companies and individuals who help Moscow evade sanctions.