UK Imposes New Sanctions on Russia Amid Ongoing Conflict
In a decisive response to Russia’s military aggression, the UK has introduced 100 new sanctions targeting the nation’s military, energy, and financial sectors. Foreign Secretary David Lammy criticized President Vladimir Putin as a "warmonger" during the announcement, urging an immediate and unconditional ceasefire for meaningful dialogue toward a just peace in Ukraine.
The latest sanctions specifically address the supply of weapon systems, including the Iskander missiles that have been used indiscriminately throughout Ukraine. Additionally, the UK government is tackling Russian misinformation efforts, imposing sanctions on 14 members of the Kremlin-funded Social Design Agency (SDA), building on previous actions taken against its leadership.
Financial sanctions have also been ramped up, with 46 institutions that assist Russia in evading existing sanctions now facing penalties. Notably, the St Petersburg Currency Exchange and the Russian Deposit Insurance Agency have been added to the sanctions list.
The issue of Russian oil continues to be a focal point of the sanctions strategy. Eighteen more vessels belonging to the so-called "shadow fleet," which transport Russian oil, have been sanctioned. This development follows an earlier announcement by Labour leader Sir Keir Starmer regarding 110 additional sanctions related to these vessels.
Moreover, the UK government is reviewing the Oil Price Cap established in December 2022, which limits the price at which Russia can sell its oil. Currently set at $60 per barrel, there are discussions underway to potentially lower this cap further, aligning it closer to production costs to further diminish Russian oil revenues.
These measures reflect the UK’s commitment to countering Russia’s ongoing aggression and supporting a peaceful resolution to the conflict in Ukraine.
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