More than 1,000 individuals and other entities linked to Vladimir Putin have been hit with new sanctions by the UK over Russia’s invasion of Ukraine, Downing Street said on Tuesday.
The move came after MPs passed the Economic Crime Bill into law and Russia’s brutal invasion of Ukraine entered its 20th day.
The new list brings to 775 the number of individuals being targeted by the UK for their association with Putin with a combined wealth of £100 billion.
Chancellor Rishi Sunak alos said the UK would halt the sale of luxury cars, high-end fashion and expensive works of art as well as imposing a 35 percentage-point tariff hike on £900 million-worth of imported Russian goods, including vodka.
The UK sanctions came as Brussels unveiled a new package of sanctions and trade restrictions which will have an even bigger impact on Moscow because the EU does more business with Russia.
Sunak said: “We want to cause maximum harm to Putin’s war machine while minimising the impact on UK businesses as G7 leaders unite to unleash a fresh wave of economic sanctions on Moscow,” the UK said in a statement this morning.
The chancellor added: “These new measures will further tighten the growing economic pressure on Russia and ensure the UK acts in line with sanctions imposed by our allies.”
Foreign Secretary Liz Truss is expected to set out in the Commons the latest list of sanctions targets to be hit by freezes on their UK assets and travel ban.
The legislation making it easier for Britain to match sanctions and to tackle dirty money in the UK was passed by MPs late on Monday night.
The Economic Crime Act will establish a new register of overseas entities requiring foreign owners of property in Britain to declare who is behind anonymous shell companies.
The move, aimed at ratcheting up the pressure on the Russian economy which has already been crippled by the steps taken by Western governments.
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