Lexis®Library update: The designations come after Prime Minister Rishi Sunak announced import bans on Russian diamonds and metals at the G7 in Japan on 18 May 2023. The sanctions imposed on Russia by the UK and the G7 partners are seen as having progressive impact in degrading Putin’s war effort. Moscow will be cut off from Western financial markets and there is a sustained reduction in the country’s oil revenues. More than 60% of Putin’s foreign reserves have been immobilized, causing losses of £275bn.
Foreign Secretary James Cleverly has said that the UK’s support for Ukraine will remain resolute for as long as it takes to constrain Russia, increase economic pressure, and tackle all emerging forms of circumvention until Ukraine prevails. The sanctions target five distinct areas.
• Energy: The UK has introduced designations of nine organisations connected to Russia’s state-owned nuclear energy company, Rosatom. This also includes UMATEX, which produces composite materials on carbon fibre for Rosatom, to be used for military purposes
• Metals: Billionaire oligarch and owner of the Russian Copper Company, Igor Altushkin, has been sanctioned as the third largest producer of copper in Russia. Eight other companies connected to metals production have also been sanctioned, and the UK has announced continuing ban on imports of Russian metals
• Transport: 24 individuals and entities connected to Russia’s transport services have been sanctioned, including Pawell Shipping Co LLP and the State Grain Corporation and their director Nikita Busel, who are all connected to the theft of Ukrainian grain. Six major Russian shipping companies have also been sanctioned
• Military: 20 defence executives have been sanctioned due to their support of continued military activity in Russia by equipping the Russian armed forces
• Banks: Five financial institutions have been sanctioned as part of the designations, further isolating Russia from the global financial system. These include JSC Dom RF and Metallurgical Investment bank, who act under the instruction of the Russian government and support its industrial exports
Further information on the UK sanctions against Russia can be found here.
Sources:
• New sanctions demonstrate G7 resolve on Russia
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 19 May 2023 and is published with permission. Further information can be found at: https://www.lexisnexis.co.uk/
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