News

UK announces new sanctions on Russia

The UK has announced new sanctions designed to hinder Russia's war effort.

The coordinated action with G7 partners is designed to support Ukraine.

Sanctions have been imposed on Putin's shadow fleet, institutions in Russia's financial system and suppliers that are supporting Russia's military production.

The UK has also committed to provided £242 million of bilateral assistance to Ukraine, to support immediate humanitarian, energy and stabilisation needs.

At the same time, the G7 has agreed to use frozen Russian assets to raise $50 billion for Ukraine.

Prime Minister Rishi Sunak said: "The UK will always stand shoulder to shoulder with Ukraine in its fight for freedom.

"Today we are once more ramping up economic pressure through sanctions to bear down on Russia’s ability to fund its war machine. Putin must lose, and cutting off his ability to fund a prolonged conflict is absolutely vital.

Foreign Secretary, David Cameron said: "UK sanctions are starving Putin of the revenue he desperately needs to fund his war chest and making it harder to supply his war machine.

"We will continue to work alongside our partners to increase economic pressure and demonstrate that the UK and the G7 will stand by Ukraine in this fight."

 

Partners

View the latest
digital issue