Amidst the G7 Leaders Summit in Italy, the UK has announced 50 new sanctions targeting Russian individuals and businesses involved in sustaining Putin’s war in Ukraine. This move, coordinated with G7 partners, aims to degrade Putin’s war machine and support Ukraine.
The sanctions target key entities such as ships in Putin’s shadow fleet, institutions in Russia’s financial system, and suppliers supporting Russia’s military production.
UK’s Coordinated Action with G7 Partners
In a bold move to cripple Putin’s war efforts in Ukraine, the UK, in coordinated action with its G7 partners, has announced 50 new sanctions designations. These sanctions aim to disrupt and impede Russia’s ability to fund and equip its war machine, thereby showing steadfast support for Ukraine in its fight for freedom.
Sanctions Targeting Putin’s Shadow Fleet
One significant aspect of these new sanctions is the UK’s first-ever sanctions targeting vessels in Putin’s shadow fleet. This fleet is used by Russia to circumvent UK and G7 sanctions, allowing Russia to continue unfettered trade in Russian oil.
By targeting this shadow fleet, the UK aims to disrupt Russia’s ability to bypass sanctions and fund its war efforts.
Supporting Ukraine with Bilateral Assistance
In addition to the sanctions, the UK has committed to providing £242 million in bilateral assistance to Ukraine. This support will help address immediate humanitarian, energy, and stabilization needs in Ukraine, further demonstrating the UK’s commitment to the region.
Disrupting Russia’s Military Suppliers
The new sanctions also target suppliers of munitions, machine tools, microelectronics, and logistics to Russia’s military. These suppliers, including entities based in China, Israel, Kyrgyzstan, and Türkiye, play a crucial role in supporting Russia’s military production.
By sanctioning these entities, the UK aims to disrupt Russia’s military supply chain and increase the costs of its military efforts.
Cracking Down on Russia’s Financial System
Furthermore, this new package of sanctions cracks down on institutions at the heart of Russia’s financial system, including the Moscow Stock Exchange. This coordinated action with the US, which designated the Moscow Stock Exchange on 12 June, aims to further restrict Russia’s access to international financial markets and resources.
UK’s Continued Commitment to Support Ukraine
The UK’s Prime Minister, Rishi Sunak, reiterated the UK’s unwavering support for Ukraine, stating that the UK will always stand shoulder to shoulder with Ukraine in its fight for freedom. Foreign Secretary, David Cameron, emphasized that the UK’s sanctions are starving Putin of the resources he desperately needs to fund his struggling war, highlighting the effectiveness of the UK’s sanctions regime.
In Conclusion
The UK’s announcement of 50 new sanctions designations is a significant step in the ongoing efforts to support Ukraine and degrade Putin’s war machine.
These sanctions, in coordinated action with G7 partners, demonstrate a united front against Russia’s aggression and reaffirm the UK’s commitment to upholding international law and supporting peace and security in the region.
Sources: THX News, Prime Minister’s Office, 10 Downing Street, Foreign, Commonwealth and Development Office, The Rt Hon Lord Cameron, BBC & The Rt Hon Rishi Sunak.
