On Thursday, the United Kingdom announced 50 new sanctions to target Putin’s war machine. The new sanctions include ships from Putin’s shadow fleet, core institutions of the Russian financial system, and suppliers supporting Russia’s military production, including five Chinese companies.
The UK Foreign Office stated that these new sanctions were announced as the UK Prime Minister attended the G7 Leaders’ Summit in Italy. The sanctions aim to weaken Russia’s ability to fund and equip its war machine and demonstrate the UK’s steadfast support for Ukraine.
“The actions today include the UK’s first sanctions on ships from Putin’s shadow fleet, which Russia uses to evade UK and G7 sanctions and continue unrestricted Russian oil trades,” the Foreign Office said. “Russian oil exports are a significant source of income for Putin to fund his illegal war in Ukraine.”
The new round of sanctions also targets core institutions of the Russian financial system, including the Moscow Stock Exchange. This action is coordinated with the United States, which sanctioned the exchange on June 12.
According to the UK’s statement, the new sanctions also target 21 suppliers providing ammunition, machine tools, microelectronics, logistics, and more to the Russian military industrial complex. These suppliers include entities from China, Israel, Kyrgyzstan, and Turkey, as well as ships transporting military supplies from North Korea to Russia.
The five Chinese entities sanctioned by the UK include SINO MACHINERY CO., LTD, Hengshui Yuanchem Trading Limited, Hengshui Heshuo Cellulose Co., Ltd., Wuhan Tongsheng Technology Co. Ltd., and Hengbangwei Electronics Limited.
UK Prime Minister Sunak stated on Thursday, “Today, we once again increase economic pressure through sanctions to weaken Russia’s ability to fund its war machine. Putin must fail, and cutting off his funding for long-term conflict is absolutely crucial.”
The UK Foreign Office mentioned that since February 2022, sanctions have caused Russia to lose assets and income worth over $400 billion. The UK has sanctioned over 2,000 individuals and entities, including 29 banks that account for over 90% of the Russian banking industry, as well as over 130 oligarchs and their family members whose total net assets during the Russian invasion of Ukraine were around £147 billion. Bilateral trade between the UK and Russia worth over £20 billion (data from 2021) is currently partially or completely sanctioned. UK exports to Russia have declined by 73% to date, while imports from Russia have plummeted by 99%.