UK falls in line with US sanctions on Russia

The UK on Thursday announced wide-ranging new sanctions against Russia targeting the country’s energy sector and financial system. The move follows similar action by the US and comes in coordination with other Group of Seven (G7) nations, according to a government statement.

In total, 50 entities and individuals were identified in the sanctions list, aimed at disrupting Moscow’s ability to get around a price cap on Russian oil through the use of an alleged ‘shadow fleet’ of tankers.

New targets also include institutions at the heart of Russia’s financial system, particularly the Moscow Stock Exchange and its two subsidiaries, the National Clearing Center (NCC) and the National Settlement Depository (NSD). The action was taken in coordination with the US, which designated the MOEX a day earlier, the UK government said.

The new measures also target suppliers of munitions, machine tools, microelectronics, and logistics to Russia’s military, including entities based in China, Israel, Kyrgyzstan, and Türkiye, along with ships which transport military goods from North Korea to Russia, according to the statement.

“Today we are once more ramping up economic pressure through sanctions to bear down on Russia’s ability to fund its war machine. [Russian President Vladimir] Putin must lose, and cutting off his ability to fund a prolonged conflict is absolutely vital,” British Prime Minister Rishi Sunak said. “The UK will always stand shoulder to shoulder with Ukraine in its fight for freedom,” he added.

Sunak is attending the G7 Leaders’ Summit in Italy, where the British government reportedly plans to provide £242 million ($309 million) in financial support to Ukraine.

The latest UK measures come on the heels of the US sanctioning 300 additional individuals and entities in Russia and elsewhere on Wednesday, over what it described as having links to Moscow’s “war economy.” 

Moscow’s ambassador to Washington, Anatoly Antonov, denounced the action, stating that Russia will respond “decisively” to sanctions and any other “confrontational” moves by the US.

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