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22 Feb, 2024 17:07

UK unveils new Russia sanctions

The measures target munitions manufacturers, electronics companies, as well as diamond and oil traders
UK unveils new Russia sanctions

British Foreign Secretary David Cameron announced more than 50 new sanctions targeting Russian individuals and businesses on Thursday. The package, announced in press release on the UK government's website, is meant to mark the second anniversary of the start of the Russian military operation in Ukraine on February 24. 

The fresh sanctions target entities that supply the Russian military with munitions such as rocket launch systems, missiles and explosives, according to the press release. Also sanctioned are key sources of revenue for the Russian state, such as metals, diamonds, and the energy trade.

According to the report, among those sanctioned is Sverdlov State Owned Enterprise, which the British government claims is the largest group in Russia’s ammunition industry, and several key Russian importers and manufacturers of machine tools.

Restrictions have been also imposed on oil trader Niels Troost and his company Paramount Energy & Commodities SA, as well as several shipping firms. The blacklist also included two Russian diamond companies, one of which is major producer Alrosa and its new CEO Pavel Marinychev. The Arctic LNG 2 energy project and LNG producer Novatek were also blacklisted. Five executives or owners of top Russian producers of copper, zinc and steel, were targeted, as were two aluminum companies.

Several non-Russian entities and individuals were also included in the latest list, including one Turkish company that Britain claimed was supplying electronics to Russia, and three electronics companies in China, among others.

The British government also said it was preparing to strengthen its powers to target “malign Russian shipping activity and individual ‘shadow fleet’ vessels used by Russia to soften the blow of oil-related sanctions imposed by the UK alongside G7 partners.” 

The UK has so far blacklisted 2,000 individuals, companies and groups related to Russia, according to the press release.

For more stories on economy & finance visit RT’s business section

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