UK Imposes Additional Sanctions Against Russia

The UK government has imposed fresh sanctions against Russia that target imports of commodities including diamonds in an effort to limit Moscow’s capacity to finance the war in Ukraine.

Before the G7 summit in Japan, London declared it would impose “a ban on Russian diamonds,” as well as sanctions against further companies linked to Moscow’s “military-industrial complex” and a restriction on copper, aluminium, and nickel.

The estimated $4–$5 billion annual value of Russia’s diamond trade provides the Kremlin with much-needed tax income.

The assets of 86 individuals and organizations would be frozen as a result of the new sanctions, the UK foreign office announced later in the day.

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These include “companies connected to the theft of Ukrainian grain and those involved in the shipment of Russian energy”, it said.

Additionally, “advanced military technology and remaining revenue sources” will be the target of the new sanctions.

New sanctions on Russia are anticipated to be imposed following the meeting in Hiroshima, including US actions that will add 70 more foreign and Russian businesses to a trade blacklist.

The “straightforward” message he had for Russian President Vladimir Putin, according to UK Prime Minister Rishi Sunak, was that “We’re not going away.”

“One of the topics of conversation I’ll be having and have been having with my fellow leaders is about the longer term security agreements… for Ukraine to deter future Russian aggression,” he added.

The G7 as a whole is anticipated to work to reinforce current sanctions, plug loopholes, restrict Moscow’s access to the global financial system, and pledge to maintain blocked Russian assets until the end of the Ukrainian conflict.

Charles Michel, the president of the European Council, joked that the rich trade in Russian diamonds “is not forever” and pledged that the EU will target it.

Along with India and the United Arab Emirates, EU member Belgium is one of the biggest wholesale consumers of Russian diamonds.