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Before I get to the OFAC action: UK Foreign Secretary statement on Russia sanctions

Press release

Foreign Secretary announces historic round of sanctions on Russia

Liz Truss announces historic round of sanctions, taking the overall number of UK sanctions on Russia to more than 1,000 since the invasion of Ukraine.From:Foreign, Commonwealth & Development Officeand The Rt Hon Elizabeth Truss MPPublished15 March 2022

Over 1,000 individuals and entities sanctioned
  • Foreign Secretary announces more than 370 new sanctions now possible thanks to new urgent Economic Crime Act powers
  • after today the UK will have designated over 1,000 individuals and entities under the Russia sanctions regime since the invasion
  • today’s designations also include Putin’s key political allies, regime spokespeople and Kremlin-backed disinformation agencies

Foreign Secretary Liz Truss announces over 370 more Russian and Belarussian sanctions today (Tuesday 15 March), which means by the end of today the UK will have designated over 1,000 individuals and entities since invasion under the Russia sanctions regime.

Today’s historic sanctions include more Russian oligarchs and their family members, Putin’s political allies and propagandists. The UK is sanctioning over 370 more individuals, 51 of whom are oligarchs and their family members.

The vast majority of today’s designations are made possible under the Economic Crime (Transparency and Enforcement) Act, which has Royal Assent. This has given the government new powers to act in the public interest and immediately designate individuals and entities under an urgent procedure, while evidence is gathered to sanction them under our own standard procedure.

Russian oligarchs now subject to UK sanctions include Mikhail Fridman, Petr Aven, and German Khan. The oligarchs who will be sanctioned today have a combined estimated worth of more than £100 billion (estimated net worth based on Forbes).

Putin political allies now sanctioned include Prime Minister Mikhail Mishustin, Defence Minister Sergei Shoigu and former President of Russia Dmitry Medvedev. Meanwhile, Russian propagandists who have been designated include Putin’s Press Secretary Dmitry Peskov and Russian Foreign Affairs spokeswoman Maria Zakharova, among others. A notorious internet ‘troll farm’, the Internet Research Agency, has also been sanctioned.

Foreign Secretary Liz Truss said:

We are going further and faster than ever in hitting those closest to Putin – from major oligarchs, to his Prime Minister, and the propagandists who peddle his lies and disinformation. We are holding them to account for their complicity in Russia’s crimes in Ukraine.

Working closely with our allies, we will keep increasing the pressure on Putin and cut off funding for the Russian war machine.

The UK will continue to tighten the screw on the Russian economy in the coming days, as the government makes full use of powers necessary to tackle the biggest security crisis in Europe since World War II.

The new provisions brought in by the Economic Crime Act have streamlined the previous legislation so the UK can respond even more swiftly and effectively to the current crisis.

Individuals sanctioned today will have their assets in the UK frozen which means no UK citizen or company can do business with them and they are also banned from travelling to or from the UK.

The UK has led the international sanctions effort, cutting off whole sectors of the Russian economy by targeting its defence companies, its trade and transport sector, and working with allies to exclude Russia from the SWIFT financial system.

Link:

Foreign Secretary Statement

Categories: FCDO updates Foreign Secretary statements OFSI Updates Russia sanctions

eric9to5

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