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More UK sanctions on Russian oligarchs and their businesses

Foreign Secretary Liz Truss said “there is no doubt that Putin and his elite have been surprised by the strength of our sanctions” (Pic AP)

The UK on Wednesday made new legislation to prohibit maintenance on aircraft or ships belonging to specific sanctioned Russian oligarchs or their businesses. Through these new powers, laid in parliament through a Statutory Instrument (SI), the UK can now prohibit sanctioned oligarchs from benefiting from the UK’s world-leading aviation and maritime industries and engineers.

The new laws have been used immediately to sanction Russian businessmen Eugene Shvidler and Oleg Tinkov.

Foreign Secretary Liz Truss said: “There is no doubt that Putin and his elite have been surprised by the strength of our sanctions. We will continue to ramp up the pressure so long as Russian troops are in Ukraine, targeting not only the businesses of oligarchs but also their assets and international lifestyles. Tough sanctions will help Ukraine get the best possible peace settlement and ultimately ensure Putin’s invasion fails. That is our focus”.

Secretary of State for Transport Grant Shapps said: “Today’s legislation adds new routes at our disposal to deprive oligarchs’ access to their luxury toys. Our economic and transport sanctions are working to suffocate those most complicit in Putin’s regime ensuring that no one on UK soil can support Putin’s inhuman assault in Ukraine. The new legislation has also extended the finance, trade and shipping sanctions imposed on Crimea to non-government controlled territory in Donetsk and Luhansk”.

Since Russia’s invasion of Ukraine, on 24 February, the UK has sanctioned banks with £500 billion of global asset value and more than £150 billion of net worth from oligarchs and their family members.

The UK government will continue to utilize deeper and broader measures to cripple those who support Putin’s regime and his callous war, working in lockstep with the G7 and our international allies.