The United Kingdom has ramped up its economic pressure on Russia with a raft of new sanctions, as the country galvanises support behind Ukraine at the G7 summit in Canada. The new measures which target Russia’s financial, military and energy sectors were announced on Tuesday at G7 summit by UK’s prime minister Keir Starmer.
The new sanctions crack down further on Putin’s “shadow fleet,” targeting 20 oil tankers linked to Russia’s oil fleet.
The UK on Tuesday tightened its sanctions on Russia’s so-called shadow fleet, slapping bans on 20 more ships and blacklisting two companies allegedly involved in crewing and managing shadow fleet vessels.
Although Russia’s economy has not collapsed under the sanctions, officials insist they are having an impact.
In a statement released, the government confirmed that 30 new targets have been sanctioned, focusing on Russia’s financial, military, and energy sectors.
The move, officials said, is part of a broader effort to “apply a stranglehold on the Russian economy.”
Prime Minister Keir Starmer said the UK would continue to apply pressure until Moscow changes course.
“These sanctions strike right at the heart of Putin’s war machine, choking off his ability to continue his barbaric war in Ukraine. We know that our sanctions are hitting hard, so while Putin shows total disregard for peace, we will not hesitate to keep tightening the screws. The threat posed by Russia cannot be underestimated, so I’m determined to take every step necessary to protect our national security and keep our country safe and secure.”
UK said further sanctions may follow, depending on Russia’s actions in the coming weeks. The country also plans to move with partners to tighten the oil price cap to hurt Russia’s oil revenues.
“Today’s sanctions show we will systematically dismantle his dangerous shadow fleet, starve his war machine, and support Ukraine to defend itself. We are determined to hit Putin where it hurts by striking at his oil revenues – the single most important source of funding for his barbaric war,” added foreign secretary David Lammy.
