The UK yesterday announced a new wave of sanctions targeting Russia’s military, energy, and financial sectors, in response to recent drone attacks on Ukraine . The sanctions aim to disrupt military supply chains, and curb financial institutions aiding in sanction evasion, making it difficult to sustain Russia’s war efforts.
Key Measures
The sanctions cover 100 new targets, consisting of:
- 50 financial institutions including the St. Petersburg Currency Exchange, the Russian Deposit Insurance Agency, and a number of corporate depositories and registries deemed to be helping Russian attempts to evade sanctions;
- 14 more members of the Social Design Agency, accused of conducting Kremlin-funded information operations globally;
- 12 entities and individuals involved in supporting the Russian defence sector;
- 5 entities and individuals involved in the Russian energy and digital technology sectors; and
- 18 vessels part of Russia’s “shadow fleet”, to hinder crude oil exports—a major source of Russian revenue—following 110 fleet-related sanctions earlier this month.
Among the individuals targeted are a British national who procured ships for Russia’s shadow fleet, marking a clear signal of imposing personal costs on those supporting Russian trade.
The UK government is also working towards tightening the Oil Price Cap, with a view to lowering the $60 crude price level closer to the cost of production to further restrict Russian revenues.
A full list of targets can be found here.
