UK Imposes Largest Sanctions Package Against Russia
On 24 February, the United Kingdom introduced the largest package of sanctions against Russia since its full-scale Russian invasion of Ukraine, the British government's website reports.
The measures will target funds that go to Kremlin leader Vladimir Putin's war chest, as well as the Russian military machine, the structures in third countries that support it, and the fragile supply chains it relies on.
The British sanctions targeted manufacturers and suppliers of machine tools, electronics and dual-use goods for the Russian military, including microprocessors used in weapons systems.
It is noted that they are based in a number of third countries, including Central Asian countries, Turkey, Thailand, India and China, which is the largest supplier of critical goods to the Russian military.
In particular, sanctions were imposed on North Korean Defence Minister Noh Kwan-chol and other North Korean generals and senior officials involved in the deployment of more than 11,000 DPRK troops to Russia.
The UK has also imposed sanctions on 13 Russian targets, including Grant-Trade LLC, its owner Marat Mustafayev and his sister Dinara Mustafayeva, who used the company to supply advanced European technology to Russia to support its illegal war.
For the first time, Britain has targeted foreign financial institutions that support the Russian war machine, including Kyrgyzstan-based Keremet Bank, undermining Russia's use of the international financial system to support its war effort.
The new sanctions will increase the pressure on Putin's energy revenues, as another 40 ships of the ‘shadow fleet’ transporting Russian oil have been sanctioned. This brings the total number of oil tankers under UK sanctions to 133, the highest number among all European countries.
As reported by The Gaze, in January, the United States and the United Kingdom imposed sanctions on Russia's largest oil companies, Gazprom Neft and Surgutneftegaz. Russian insurance companies that provide ship insurance were also subject to restrictions: ‘Ingosstrakh and AlfaStrakhovanie.
In general, the sanctions will hit the Russian oil refining industry.