New UK sanctions aimed at cracking down on Putin's war machine

The UK has joined forces with its G7 partners to support Ukraine, announcing 50 new sanctions designations and specifications aimed at degrading Putin's war machine.

New targets include ships from Putin's shadow fleet, institutions at the heart of Russia's financial system and suppliers that support Russia's military production.

These new sanctions, announced while the Prime Minister was attending a summit of G7 leaders in Italy, will undermine Russia's ability to fund and equip its war machine and demonstrate Britain's unwavering support for Ukraine.

Today's actions include Britain's first sanctions targeting ships in Putin's shadow fleet, which Russia uses to circumvent G7 sanctions with Britain and continue unrestricted trade in Russian oil.

As part of its ongoing commitment to the region, the UK has committed to provide $242 million in bilateral support to Ukraine to support its immediate humanitarian, energy and stabilization needs, and has also agreed on mechanisms that could deliver significant benefits. We are cooperating with other countries to do this. It comes from Russian sovereign assets fixed for the benefit of Ukraine.

Russia's oil exports are the most important source of revenue for Putin to finance his illegal war in Ukraine. The oil production tax collected by the Kremlin in 2023 will amount to 8.9 trillion rubles, equivalent to 31% of Russia's total federal revenue. Today’s sanctions aim to disrupt and increase the costs of Russia’s efforts to circumvent UK and G7 sanctions through shadow fleets.

These new sanctions also target suppliers of munitions, machine tools, microelectronics and logistics to the Russian military, including companies based in China, Israel, Kyrgyzstan and Trkyye, and ships transporting munitions from North Korea to Russia. It is aimed at.

The new package also cracks down on institutions at the heart of Russia's financial system, including the Moscow Stock Exchange. This action was taken in cooperation with the United States, which designated the Moscow Stock Exchange on June 12.

Chancellor Rishi Sunak said:

Britain will always stand shoulder to shoulder with Ukraine in the fight for freedom.

Today we are once again increasing economic pressure through sanctions to curb Russia's ability to finance its war machine. Putin must be defeated, and cutting off his ability to finance a protracted conflict is absolutely critical.

Foreign Secretary David Cameron said:

British sanctions are leaving Putin short of much-needed revenue to finance his war effort and making it more difficult to supply his war machines.

We will continue to work with our partners to increase economic pressure and demonstrate that the UK and the G7 will support Ukraine in this fight.

So far, sanctions have cost Russia more than $400 billion in assets and revenue since February 2022. That's the equivalent of funding an invasion for four more years. The UK has sanctioned more than 2,000 individuals and entities under the Russian sanctions regime.

These include 29 banks, representing more than 90% of Russia's banking sector, and more than 130 oligarchs and families who had a net worth of about $147 billion at the time of the invasion. Over 20 billion worth of UK-Russia bilateral trade (2021 figures) is currently subject to full or partial sanctions. Russia's imports from the UK fell by 99%, while UK exports to Russia fell by 73%.

Additional information

The full list of those sanctioned today is as follows: The Russia (Sanctions) (EU Withdrawal) Regulations 2019 have resulted in 48 designations and vessel specifications.

Four ships in the Russian Shadow Fleet: OCEAN AMZ (IMO 9394935) CANIS POWER (IMO 9289520) ROBON (IMO 9144782) NS LAGUNA (IMO 9339325) Two ships shipped weapons to Russia: LADY R (IMO 9161003) ANGARA (IMO 9179842) Six entities operating or supporting the Russian liquefied natural gas (LNG) sector: MURMANSK LNG LLC SMART LNG LLC NOVATEK MURMANSK LLC RUSCHEMALLIANCE LLC RED BOX ENERGY SERVICES PTE LTD (a Singapore-based entity) EKO SHIPPING LLC One insurance company INGOSSTRAKH INSURANCE COMPANY 1 ship manager ONE MOON MARINE SERVICES LLC 2 entities involved in the Russian civil nuclear sector: JSC RUSATOM ARCTIC INNOVATION HUB LLC 4 entities and 1 individual connected to the Russian financial system: PUBLIC JOINT STOCK COMPANY MOSCOW EXCHANGE GROUP PJSC SPB EXCHANGE JOINT STOCK COMPANY NATIONAL SETTLEMENT DEPOSITRY CENTRAL COUNTERPARTY National Cleaning Center Yuri Olegovich Denisov 21 companies supplying munitions, machine tools, microelectronics, logistics or other supplies to the Russian military-industrial complex: TAMBOV POWDER PLANT KAZAN STATE GOVT GUNPOWDER PLANT BINA GROUP LLC FEDERAL STATE ENTERPRISE KAMENSKY COMBINE SONATEK LLC KOMPANIYA AMG JSC MECHANICAL PLANT MECHPLANT VOLGA-DNEPR MACHINE BUILDING PLANT ARSENAL BOSFOR AVRASYA (corporation in Trkiye) EGETIR OTOMOTIV (corporation in Trkiye) SINO MACHINERY CO., LTD (corporation in China) HENGSHUI YUANCHEM ( Corporation located in China) HENGSHUI HESHUO CELLULOSE CO., LTD (Chinese corporation) WUHAN TONGSHENG TECHNOLOGY CO., LTD (Chinese corporation) HENGBANGWEI ELECTRONICS LTD (Chinese corporation) TEXEL FCG TECH 2100 LTD (Israeli corporation) MARKS BLATS LLC INTER STYLE PLUS ( vniir Progressive NPO MRTZ 6 individuals or entities benefited from the main sectors of the Russian state: Ivan Vladimirovich Tavrin Avet Avet Vladimirovich Mirakyan Denis Vladimirovich Armen Meruzhanovich Enterprise Underic Order Unitary Orth ober ofget of the the the red vladimirovich mirakyan denis Vladimirovich Armen Meruzhanovich Mirakyan Denis. Automotive and Automotive Engine Research Institute NAMI YAKUB SALMANOVICH ZAKRIEV Two designations under the Central African Republic (Sanctions) (EU Exit) Regulations 2019 on companies linked to the Wagner Group: DIAMVILLE WOOD INTERNATIONAL GROUP SARLU Notes on vessel specifications:

Vessels covered by the Russia (Sanctions) (EU Exit) Regulations 2019 are prohibited from entering UK ports, may be ordered to move or enter ports, may be detained and their UK vessel registration permits will be refused. Register or end an existing registration. Additionally, the fuel price cap exception does not apply to services related to specific vessels or to the supply or delivery of Russian oil or petroleum products from specific vessels. The Office of Financial Sanctions Enforcement has issued guidance on the ban on Russian oil services. Limited exceptions apply and licenses may be granted for certain vessels, as set out in Part 7 of the Russia (Sanctions) (EU Exit) Regulations 2019.

As set out in the general election guidance, international business will continue as normal during the general election period. Government announcements at the G7 are consistent with that guidance and make clear that essential businesses must continue to be permitted. In accordance with established practice, the opposition parties were consulted on the announcement.

Sources 1/ https://Google.com/ 2/ https://www.gov.uk/government/news/new-uk-sanctions-to-crack-down-on-putins-war-machine The mention sources can contact us to remove/changing this article

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