UK government announces new waves of sanctions demonstrating G7 resolve against Russia

Article summary

On 19 May 2023, the UK government announced a new wave of sanctions against Russia that will target businesses and individuals connected to Russia’s capacity to fund and wage the war. The designations come after Prime Minister Rishi Sunak announced import bans on Russian diamonds and metals at the G7 in Japan on 18 May 2023. The sanctions imposed on Russia by the UK and the G7 partners are seen as having progressive impact in degrading Putin’s war effort. Moscow will be cut off from Western financial markets and there is a sustained reduction in the country’s oil revenues. More than 60% of Putin’s foreign reserves have been immobilized, causing losses of £275bn.