In a coordinated effort with G7 partners, the United Kingdom has unveiled a comprehensive package of 50 new sanctions designations aimed at degrading Putin’s war capabilities and bolstering support for Ukraine. The measures target key elements of Russia’s military infrastructure, financial system, and supply chains.
Key Targets:
- Putin’s Shadow Fleet: For the first time, the UK is imposing sanctions on vessels in Putin’s shadow fleet. These ships have been used by Russia to evade existing sanctions and facilitate trade in Russian oil.
- Financial Institutions: Institutions at the heart of Russia’s financial system, including the Moscow Stock Exchange, are now subject to sanctions. This move aligns with the US’s recent designation of the Moscow Stock Exchange.
- Suppliers to Russia’s Military: Entities providing munitions, machine tools, microelectronics, and logistics to Russia’s military are also included in the sanctions. These suppliers, based in China, Israel, Kyrgyzstan, and Türkiye, play a crucial role in Russia’s military production.
Humanitarian Assistance:
The UK remains committed to supporting Ukraine. Today, the government pledged £242 million in bilateral assistance to address immediate humanitarian, energy, and stabilisation needs. Additionally, efforts are underway to unlock profits from immobilised Russian sovereign assets for the benefit of Ukraine.
Impact on Russia:
- Oil Revenues: Russia’s oil exports, a critical revenue source for Putin’s war machine, are targeted. Tax on oil production accounted for 31% of Russia’s federal revenues in 2023. The sanctions aim to disrupt Russia’s efforts to bypass UK and G7 restrictions through its shadow fleet.
- Over $400 Billion in Assets and Revenues: Since February 2022, sanctions have deprived Russia of assets and revenues equivalent to four more years of funding for the invasion. Over 2,000 individuals and entities have been sanctioned, including major banks and oligarchs.
- Trade Impact: UK-Russia bilateral trade, totalling £20 billion in 2021, now faces full or partial sanctions. Russian imports into the UK have plummeted by 99%, and UK exports to Russia have fallen by 73%.
Leaders’ Statements:
- Prime Minister Rishi Sunak: "The UK stands shoulder to shoulder with Ukraine in its fight for freedom. Today’s sanctions reinforce our commitment to curbing Russia’s war machine."
- Foreign Secretary David Cameron: "UK sanctions are starving Putin of the revenue he desperately needs. We will continue working with our partners to support Ukraine."
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