UK working with G7 partners on fresh sanctions against Russia, says Liz Truss

As the Western nations continue to impose fresh sanctions on Russia in wake of its invasion of Ukraine, UK Foreign Secretary Liz Truss announced that she has been working with G7 allies to impose fresh sanctions against additional Russian banks. According to The Telegraph, Truss said, “I am working with our G7 partners to crack down on more Russian banks and agree on a clear timetable to eliminate our imports of Russian oil, gas and coal." 

As per a press release from UK Foreign, Commonwealth and Development Office, Truss stated on Wednesday that UK has frozen assets of Sberbank, the largest Russian bank and Credit Bank of Moscow as well as any new UK foreign investment into Russia has been halted. By the end of 2022, the United Kingdom has pledged to cease all imports of Russian coal and oil, as well as take action against Russian oligarchs and critical strategic sectors. 

UK vows to 'cripple' Putin's war machine

Apart from this, Russia's major important industries, as well as state-owned firms, are being targeted, the release added. This includes a prohibition on iron and steel imports, which are a major source of revenue in Russia. New limits are also restricting Russia's ability to purchase the UK's world-renowned quantum and sophisticated material technology. 

According to the release, the UK's fifth set of measures against Russia would cut off important sections of the Russian economy and eliminate the UK's reliance on Russian energy. UK Foreign Secretary said, “Our latest wave of measures will bring an end to the UK’s imports of Russian energy and sanction yet more individuals and businesses, decimating Putin’s war machine.” 

 As the Russia-Ukraine war is still continuing, Truss also urged the G7 partners to block Russian ships from entering ports and make Russian gold inaccessible to the Russian government. "We need to rebuild our international security architecture. We can no longer labour under outdated agreements with Russia that they blatantly disregard and undermine. The days of the NATO-Russia Founding Act are over," the secretary said as per Sputnik. She went on to say that the West should work with other countries to further isolate Russia. 

Earlier. Truss had stated that the UK has frozen over $350 billion of Russian President Vladimir Putin's war fund, rendering over 60% of his $604 billion in foreign currency assets unusable. As per media reports, Truss claimed at a joint news conference with her Polish counterpart Zbigniew Rau that Britain's sanctions on Russia are forcing the Russian economy "back into the Soviet era". 

(Image: AP)