UK unveils largest-ever sanctions against Russia, targeting illicit revenue and military supply chains
In a major move, UK Foreign Affairs Secretary David Lammy has announced the most extensive package of sanctions against Russia in three years, targeting illicit revenues that are fueling Vladimir Putin's war against Ukraine. The sweeping measures, which focus on Russian kleptocrats, come as the UK government shared details on Monday, February 24.
The sanctions include 107 new measures targeting military supply chains in Russia, specifically those revenues sustaining Putin's illegal war and the kleptocrats bolstering the Kremlin's economy. The initiative is designed to apply further pressure on Russian energy profits including the sanctioning of 40 additional "shadow fleet" tankers transporting Russian oil. Over the past six months alone, these vessels have carried crude oil and oil products worth $5 billion. The total number of tankers facing UK sanctions now stands at 133.
Moreover, Britain is imposing sanctions on 14 new kleptocrats, some of whom control strategic sectors of the Russian economy. Among them is Roman Trotsenko, one of the wealthiest individuals in Russia, with a fortune of £2.2 billion.
Among the sanctioned are manufacturers and suppliers of machinery, electronics, and dual-use goods for the Russian military, including microprocessors utilized in weapons systems. These entities are located in a number of third countries, including Central Asian states, Turkey, Thailand, India, and China, the latter being the primary supplier of critical goods to the Russian Army.
In an unprecedented move, the sanctions also target North Korea's Defense Minister No Kwang Chol and other high-ranking officials linked to deploying over 11,000 North Korean troops to Russia.
Additionally, sanctions were imposed on 13 Russian entities, including Grant-Trade LLC, owner Marat Mustafayev, and his sister Dinara Mustafayeva, who allegedly leveraged the company to channel advanced European technologies into Russia to sustain its illicit war efforts.
For the first time, London has taken aim at foreign financial institutions supporting Russia’s military agenda, imposing restrictions on Keremet Bank, headquartered in Kyrgyzstan.
It's worth noting that the European Union has also rolled out its 16th set of sanctions on the third anniversary of Russia's full-scale invasion of Ukraine. This includes 48 individuals and 35 entities responsible for activities compromising Ukraine's territorial integrity.
The Kremlin later offered a response to the EU sanctions, with Dmitry Peskov expressing regret that Europeans are not as aligned with Americans.