As Russia's war on Ukraine continues, with alleged retaliation threatening to escalate the situation, it is important to reassure constituents about the measures that the Government is taking to ensure that the sanctions placed on Russia remain firm, effective and clear.
Since the first round of sanctions were implemented, the Kremlin has done its utmost to circumvent their effect. However, the Government has confirmed that its decisive actions have made a significant impact to frustrate Putin's efforts, isolating Russia from the global financial system and severing access to key technologies. Nevertheless, we must continue to work with allies to evolve our response, deepening sanctions where needed and closing loopholes as they emerge.
At the most recent G7 Leaders' Summit, the United Kingdom announced further sanctions, coordinated in alignment with its partners, to increase pressure on Putin's regime. Support for Ukraine remains at the top of our agenda with eighty-six individuals and entities who support Russia’s military machine being targeted in tandem with those working with the Kremlin to undermine the effect of our existing sanctions.
Further sanctioning of Russian banks and financial institutions will contribute to our isolation of the Russian financial system and targeting significant sources of Russian energy and metals revenue will further reduce Russian access to foreign currency. A ban on the import of Russian copper, nickel, aluminium and diamonds will be enacted alongside legislation to complete the prohibition of the export of items that Russia has been using on the battlefield.
As ever, the Government is committed, via further legislation in the coming weeks, to supporting Ukraine until Putin's aggressive, illegal invasion ceases and some semblance of coherence and regularity is restored.
As always, please do not hesitate to contact me if I can be of any assistance: [email protected].
