UK imposes further sanctions aimed at crippling ‘Putin’s war machine’

Russia will be further cut off from western economies as the UK and allies imposed a series of further sanctions in response to the war in Ukraine.

The UK imposed an asset freeze on Russia’s largest bank, banned outward investment in Vladimir Putin’s country and will legislate to prohibit imports of iron and steel.

The ratcheting up of sanctions follows the evidence of atrocities committed in parts of Ukraine which had been occupied by Russian forces.

The US imposed sanctions on Mr Putin’s daughters Mariya Putina and Katerina Tikhonova.

It also hit prime minister Mikhail Mishustin, the wife and children of Russian foreign minister Sergei Lavrov, and members of Russia’s security council including Dmitry Medvedev, a former president and prime minister.

UK measures announced by Foreign Secretary Liz Truss include:

– A ban on UK investment in Russia, something which was worth more than £11 billion in 2020.

– An asset freeze on Sberbank, Russia’s largest, which has also been targeted by the US.

– An asset freeze on the Credit Bank of Moscow.

– An end to all UK imports of Russian coal and oil by the end of 2022, with gas to follow as soon as possible.

– Restrictions on the export of quantum and advanced materials technology to Russia.

– A ban on the export of key oil refining equipment, hampering one of Russia’s key industries.

The Government had already committed to phasing out Russian oil imports by the end of the year but along with the European Union has now pledged to end coal imports as well.

The UK has also sanctioned eight further oligarchs, including leaders of major businesses and allies of Mr Putin.

They are:

– Viatcheslav (Moshe) Kantor: the largest shareholder of fertiliser company Acron.

– Andrey Guryev: described by the Foreign Office as a known close associate of Mr Putin and founder of fertiliser firm PhosAgro.

– Sergey Kogogin: director of Kamaz which manufactures trucks and buses, including vehicles for the military.

– Sergey Sergeyevich Ivanov: president of the world’s largest diamond producer Alrosa, which the UK also sanctioned.

– Leonid Mikhelson: founder and CEO of leading Russian natural gas producer Novatek, with a net worth of £18 billion, according to the Foreign Office.

– Andrey Akimov: CEO of Russia’s third largest bank Gazprombank.

– Aleksander Dyukov: CEO of Russia’s third largest and majority state-owned oil producer GazpromNeft.

– Boris Borisovich Rotenberg: son of the co-owner of Russia’s largest gas pipeline producer SGM and a member of the Rotenberg family which has close ties to Mr Putin.

The latest sanctions announcement brings the total of banks targeted to 18, with assets worth £940 billion.

It also means 82 oligarchs and their family members have been sanctioned, with assets worth more than £170 billion.

Ms Truss said: “Our latest wave of measures will bring an end to the UK’s imports of Russian energy and sanction yet more individuals and businesses, decimating Putin’s war machine.

“Together with our allies, we are showing the Russian elite that they cannot wash their hands of the atrocities committed on Putin’s orders. We will not rest until Ukraine prevails.”