British sanctions on Russia: what is on the table?
Ministers are preparing tougher sanctions against Russia, which officials said would target UK-based oligarchs, tech exports and sovereign debt. The move follows Boris Johnson’s measures, which were criticised by Conservative MPs for failing to hit Vladimir Putin’s power base hard enough.
The measures have been deemed weaker than those announced by the US and EU, though No 10 said the packages had been coordinated.
Some MPs and analysts said the UK sanctions did not match the hardline rhetoric of the prime minister, Boris Johnson. But the conciliatory efforts of some European countries such as France and Germany were followed by more sweeping sanctions, including a pause made by the German chancellor to the €10bn Nord Stream 2 pipeline.
EU foreign ministers agreed sanctions to target banks financing the military operations. These are understood to include Promsvyazbank, a defence sector funder, which has also been sanctioned by the UK.
Three “high net worth” individuals were sanctioned by the UK, though all three had been on US sanctions lists since 2018.
The EU is to impose travel bans and asset seizures on 27 individuals and entities who played a role in “undermining Ukrainian sovereignty”, including the Russian defence minister, Sergei Shoigu, and the commanders of the Russian air force and Black Sea fleet. That will also apply to the 351 members of the Duma who voted in favour of Russia’s recognition of the self-proclaimed republics in Luhansk and Donetsk – a step the UK is also expected to take.
Joe Biden, the US president, also imposed severe sanctions on Promsvyazbank and against Russia’s sovereign debt, which he said meant the Russian government being cut off from western financing. As yet there have been no sanctions
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