UK imposes additional sanctions against Russia

In an effort to limit Moscow’s capacity to finance the conflict in Ukraine, Britain unveiled additional sanctions against Russia on Friday that target imports of diamonds and other minerals.

Before the G7 summit in Japan, London declared it would impose “a ban on Russian diamonds,” as well as sanctions against more companies involved in Moscow’s “military industrial complex” and a restriction on copper, aluminum, and nickel.

The estimated $4–$5 billion annual value of Russia’s diamond trade provides the Kremlin with much-needed tax income.

The assets of 86 individuals and organizations would be frozen as a result of the new sanctions, the UK foreign office announced later in the day.

These “companies connected to theft of Ukrainian grain, and those involved in shipment of Russian energy” are among them, the report added.

Additionally, “advanced military technology and remaining revenue sources” will be the target of the new sanctions.

New sanctions on Russia are anticipated to be imposed following the meeting in Hiroshima, including US actions that will add 70 more foreign and Russian businesses to a trade blacklist.

The “straightforward” message he had for Russian President Vladimir Putin, according to UK Prime Minister Rishi Sunak, was that “We’re not going away.”

In order to discourage future Russian aggression, he continued, “one of the areas of conversation I’ll be having and have been having with my colleagues leaders is regarding the longer-term security accords… for Ukraine.

The G7 as a whole is anticipated to strive to strengthen current sanctions, plug loopholes, restrict Moscow’s access to the global financial system, and pledge to maintain blocked Russian assets until the end of the Ukrainian conflict.

Charles Michel, the president of the European Council, joked that the rich trade in Russian diamonds “are not forever” and pledged that the EU will target it.

Together with India and the United Arab Emirates, Belgium, a member of the EU, is one of the biggest wholesale purchasers of Russian diamonds.

A significant final market for the product is the United States.