As President Putin ruthlessly intensifies his strikes
against innocent Ukrainians, the UK is ramping up pressure
with raft of 100 new sanctions.
The latest sanctions targets include entities
supporting Russia's military machine, energy exports and
information war, as well as financial institutions helping
to fund Putin's invasion of Ukraine.
On Saturday, Russia fired 273 drones at Ukrainian cities, the
biggest drone onslaught of the war. A strike on a bus in
Sumy killed nine civilians.
Putin has so far not put in place the full, unconditional
ceasefire that President Trump has called for, and which
President Zelenskyy endorsed over two months ago.
The UK's latest sanctions action comes as the EU prepares to
announce its 17th package of sanctions against Russia, in a
co-ordinated effort to secure a just and lasting peace in
Ukraine.
Today's measures sanction the supply chains of deadly
Russian weapons systems, including Iskander missiles. This
will protect Ukrainian lives, and our collective security by
disrupting Russia's military machine.
Putin has repeatedly fired Iskander missiles into crowded
civilian areas with a callous disregard for life. He used
these weapons during the strike against Sumy on 13 April that
killed 34 civilians including children, some of them heading for
Palm Sunday services.
UK and other Western sanctions are having a severe effect on
Russia's economy. Russian GDP shrank in the first quarter
of the year and the non-defence economy has been in
recession for some time. Security and defence spending
is now over 40% of the federal budget, and Putin has
had to raise taxes and slash social spending in order to continue
the war.
Every rouble by which we cut Kremlin revenues diminishes Putin's
ability to sow chaos, division and disorder across the world and
protects the British people, increasing security and prosperity
at home.
As the Prime Minister set out at the European Political Community
summit on Friday, people in Ukraine and across the world
have paid the price for Putin's aggression and now he must pay
the price for avoiding peace.
Foreign Secretary, said:
Putin's latest strikes once again show his true colours as a
warmonger.
We urge him to agree a full, unconditional ceasefire right away
so there can be talks on a just and lasting
peace.
We have been clear that delaying peace efforts will only redouble
our resolve to help Ukraine to defend itself and use our
sanctions to restrict Putin's war machine.
Today's sanctions also target 14 more members of the Social
Design Agency (SDA), which carries out Kremlin-funded
information operations that are designed to undermine
sovereignty, democracy, and the rule of law in Ukraine and across
the world.
The UK previously sanctioned the SDA and several of its leaders
in 2024. We are now targeting all levels of the
organisation.
In addition, today's measures will strike at the heart of
Putin's efforts to get around our sanctions and help block his
failing attempts to reconnect to the international
economy.
Today's action targets 46 financial institutions that help
Russian attempts to evade sanctions, as well as the St Petersburg
Currency Exchange, and the Russian Deposit Insurance Agency which
insures Russian banks. These new sanctions will
further isolate the Russian economy and disrupt Russia's revenue
streams.
Finally, the UK will also sanction 18 more ships in the ‘shadow
fleet' carrying Russians oil, along with the fleet's enablers.
The Prime Minister announced 110 shadow fleet related
sanctions ahead of his visit to Kyiv earlier this
month.
Today's targets include John Michael Ormerod, a British national
who procured ships for Russia's shadow fleet, and two Russian
captains of shadow fleet tankers. This
action imposes a personal cost on those who are supporting
Russia's trade in oil and is another step in the Foreign
Secretary's personal mission to constrain the Kremlin and a
crucial part of the Plan for Change to ensure a secure Britain.
The UK is also working with partners to tighten the Oil
Price Cap that limits the price that Russia can charge for its
oil if transported using G7 services like insurance and
shipping. We are reviewing the $60 crude price level,
with a view to lowering the cap closer to the cost of
production and hitting Putin where it hurts by striking
at his oil revenues.
