UK hits Russia with new sanctions

1StnewsMay 19, 2023Read original

The UK government has imposed fresh sanctions against Russia to prevent Moscow from funding the conflict in Ukraine. These new sanctions will target imports of diamonds and other minerals.

An embargo on Russian diamonds, copper, aluminium, and nickel was announced by London ahead of the G7 conference in Japan. This is along with additional sanctions against companies linked to Moscow’s “military-industrial complex”.

The estimated $4–$5 billion annual value of Russia’s diamond trade provides the Kremlin with much-needed tax income.

Later in the day, the UK foreign office said the new sanctions would freeze the assets of 86 people and organizations.

These include “companies connected to theft of Ukrainian grain, and those involved in shipment of Russian energy”, it said.

The new sanctions will also target “advanced military technology and remaining revenue sources”.

The summit in Hiroshima is expected to bring a series of new sanctions on Russia; the sanctions also include measures that will put 70 more Russian and foreign entities on a trade blacklist.

UK Prime Minister Rishi Sunak told Sky News on Friday that his “straightforward” message for Russian President Vladimir Putin was: “We’re not going away”.

“One of the topics of conversation I’ll be having and have been having with my fellow leaders is about the longer-term security agreements…for Ukraine to deter future Russian aggression,” he added.

The G7 as a whole is expected to work to tighten existing sanctions, close loopholes, squeeze Moscow’s access to the international financial system, and commit to keeping Russian assets frozen until the end of the war in Ukraine.

On Friday, European Council President Charles Michel also said the bloc would target the lucrative trade in Russian diamonds.

EU member Belgium is among the largest wholesale buyers of Russian diamonds, along with India and the United Arab Emirates.