UK unveils largest sanctions package against Russia since 2022
Key sanctions and the targets
The sanctions focus on disrupting Russia's military supply chains, cutting off key revenue streams, and targeting individuals and organisations enabling the Kremlin's actions. Notable measures include:
- Military supply restrictions: Crackdown on the producers and suppliers of tools, electronics, and dual-use goods critical to Russia's weapons systems. Entities from Central Asia, Turkey, Thailand, India, and China are particularly involved in these supply chains.
- North Korean forces exposed: Sanctioning North Korean officials, including Defence Minister No Kwang Chol, for deploying over 11,000 troops to support Russia.
- Sanctioning financial institutions: For the first time, foreign financial entities, such as Kyrgyzstan-based OJSC Keremet Bank, are targeted to disrupt Russia's access to international financial networks.
- Economic pressure on energy revenues: Sanctions against 40 additional "shadow fleet" oil tankers carrying Russian energy exports, bringing the total number of sanctioned vessels to 133.
- High-profile individuals: Targeting 14 "new kleptocrats" involved in strategic sectors of Russia's economy, including Roman Trotsenko, one of the country's wealthiest individuals.
Significance of the measures
The unprecedented package aims to weaken Russia's ability to sustain its military aggression while reinforcing Ukraine's capacity to defend itself. Recently, the Prime Minister emphasised this as a "once in a generation" moment for collective European security. Foreign Secretary David Lammy echoed this sentiment, highlighting that every disrupted supply chain or blocked financial route brings the world closer to a just and lasting peace.
A broader strategy for peace and stability
These actions align with the UK's Plan for Change, which prioritises the country's safety, prosperity, and role in supporting global stability. With these sanctions, the UK remains united with its allies, standing resolute in its support for Ukraine.
The UK’s official press release can be found here.