Topline
The U.K. government on Thursday announced sanctions on 65 more Russian people and businesses to “cut off vital industries fueling Putin’s war machine,” the latest in a series of escalating sanctions against Moscow from governments around the world as the war in Ukraine enters its second month.
The UK targeted 65 more Russian businesses and people with sanctions on Thursday to “cut off vital … [+]
Key Facts
U.K. Foreign Secretary Liz Truss said the sanctions target “strategic industries, banks and business elites… aiding Russia’s invasion of Ukraine,” which will have their British assets frozen and be banned from traveling to or from the U.K.
Britain’s sanctions target six more Russian banks, including its largest private bank, Alfa Bank, the world’s largest diamond producer, Alrosa, and Russia’s state-owned railway company, Russian Railways, which have also been targeted by U.S. sanctions.
The sanctions also target defense company Kronshtadt, the main producer of Russian drones, and the Wagner Group, an organization of mercenaries the U.K. said has been tasked with assassinating Ukraine’s President Zelensky.
Individuals targeted include Polina Kovaleva, the stepdaughter of Russia’s Foreign Minister Sergey Lavrov, founder of Russia’s Tinkoff bank, Oleg Tinkov, the chief executive of Russia’s Sberbank, Herman Gref, and oil oligarch Eugene Shvidler.
Britain also said it is targeting Galina Danilchenko, who was installed as “mayor” of Melitopol in Ukraine after its actual mayor was kidnapped by the Russian military, the first person sanctioned by the U.K. for collaborating with Russian forces in Ukraine.
Crucial Quote
“These oligarchs, businesses and hired thugs are complicit in the murder of innocent civilians and it is right that they pay the price,” Truss said. “Putin should be under no illusions – we are united with our allies and will keep tightening the screw on the Russian economy to help ensure he fails in Ukraine. There will be no let-up”.
Big Number
£500 billion ($659 billion). That’s the total value of banks’ assets the U.K. has sanctioned since the invasion, Truss said. The net worth of oligarchs and their family members sanctioned is in excess of £150 billion (around $200 billion) she added.
Key Background
The U.K. has now sanctioned more than 1,000 Russian businesses and people since it invaded Ukraine a month ago, though it has been criticized for acting too slowly and allowing oligarchs to move wealth and assets out of the country. The new wave of sanctions come ahead of an emergency NATO summit in Brussels on Thursday and as leaders in Europe, the U.S. and around the world push for more aggressive sanctions against Moscow. Russia’s foreign minister has admitted that Western sanctions were far more severe than the Kremlin expected, especially those targeting its Central Bank, which sent the value of the ruble into a tailspin and left international observers wondering whether the country would default on its international debt payments.
Source: https://www.forbes.com/sites/roberthart/2022/03/24/more-russian-oligarchs-businesses-and-mercenary-assassins-targeted-by-new-uk-sanctions/