The British government has announced a new round of sanctions against Russia, targeting financial institutions, ships transporting Russian hydrocarbons, and a network accused of contributing to the Kremlin's military supply. London says it wants to increase economic pressure on Moscow in the context of the war in Ukraine.
The targeted entities include Yandex's banking arm, as well as two other Russian financial institutions. The measures also affect Rosgosstrakh, one of the country's leading insurance groups.
According to British authorities, these sanctions also target a vast logistics network used to export Russian oil and gas. More than 20 oil tankers and several LNG carriers have been added to the list of sanctioned vessels. London accuses these ships of participating in what is often described as a "ghost fleet," used to circumvent Western restrictions on Russian energy exports.
The British government has also announced measures against a clandestine arms procurement network, which it believes is contributing to the Russian war effort. The stated objective is to disrupt the financial and logistical flows that fuel the Kremlin's war economy.
British Prime Minister Keir Starmer stated that the sanctions targeted "the ships, the money, and the actors that support the Russian war economy and, consequently, threaten European security." He was speaking while attending the G7 summit in France.
The United Kingdom also emphasizes the unprecedented nature of some of the measures. According to London, this is the first time a G7 member country has sanctioned ships linked to the Russian Arctic LNG 2 gas project, a strategic project for Moscow's energy ambitions. With this new wave of restrictions, British authorities hope to further complicate Russian exports and reduce the financial resources available to support the war in Ukraine.
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