More sanctions: Putin's daughters in Ukraine's latest list of penalised people, entities

The Ukrainian Cabinet ministers authorised a new package of penalties against 99 individuals and 178 legal entities from Russia and Belarus on September 2, including the daughters of Russian President Vladimir Putin. The sanctions target Russian military firms as well as executives from Russia's and Belarus' national banks.

The Sernia Group, in particular, was sanctioned for assisting Russia in supplying microelectronics equipment for the military industry. Belarus is serving as a launching point for airstrikes and missile attacks against Ukraine by Russian forces. Hence, Western nations have punished Belarus with severe sanctions.

Earlier in June, Ukraine's President Volodymyr Zelenskyy signed an order implementing the National Security and Defence Council's (NSDC) decision to sanction Russian President Vladimir Putin personally. Among the sanctions that are implemented permanently are asset freezing, a ban on export-import transactions, and limits on the capital outflow from Ukraine. 

The sanctions also targeted Kremlin spokesman Dmitry Peskov, Russian Prime Minister Mikhail Mishustin, Foreign Minister Sergey Lavrov, Defense Minister Sergei Shoigu, deputy prime ministers, ministers, and other officials. The sanctions, imposed four months after Russia's February 24 incursion, appeared unlikely to have much practical impact beyond symbolic importance.

G7 to align introduction of price cap on Russian oil with EU sanctions

Meanwhile, the G7 countries want to synchronise the imposition of a price restriction on Russian oil with the implementation of the EU's sixth package of sanctions, according to a joint statement issued by the G7 finance ministers on September 2. Further, the G7 finance ministers pledged to work on the finalisation and implementation of this policy in their respective jurisdictions.

The statement read, "We aim to align implementation with the timeline of related measures within the EU's sixth sanctions package. We acknowledge that, for the EU, unanimity among the 27 EU Member States is required."

Earlier on September 2, the Financial Times reported, citing sources, that the G7 countries planned to back the implementation of a price cap on Russian oil starting from December 5, with a similar measure for Russian oil products beginning February 5, 2023. According to the publication, the European Commission (EC) backed the G7 recommendations.