UK issues export bans

UK marked the one-year anniversary of the invasion of Ukraine by issuing more sanctions against Russia, including export bans on every item it has used on the battlefield and import bans of iron and steel goods.

Britain has frozen assets and targeted a wave of Russian officials and companies in the last year in an effort to cripple Moscow’s economy and curb its ability to wage war on its neighbour.

It said it would target another 92 individuals and entities, including allies of Russian President Vladimir Putin such as the boss of Nord Stream 2, Matthias Warnig.

Ahead of a meeting between Group of Seven leaders and Ukrainian President Volodymyr Zelenskiy, Britain said the internationally coordinated sanctions and trade measures would target aircraft parts, radio equipment and electronic components.

“Today we are sanctioning the elites who run Putin’s key industries and committing to prohibit the export to Russia of every item Russia has been found using on the battlefield,” Foreign Secretary James Cleverly said in a statement.

Other executives to be targeted include those at the state-owned nuclear power company Rosatom and others who work at defence groups and Russian banks.

“Rosatom has always, under all circumstances, complied with its international obligations,” it said in a statement. “We will continue to fulfil all current contracts as long as it remains possible.”

It will also ban the import of 140 goods including iron and steel products processed in third countries.

“Trade sanctions are working. UK goods imports from Russia have fallen by 99%, since before the invasion, and goods exports to Russia have fallen by nearly 80%,” Business and Trade Secretary Kemi Badenoch said.

The meeting of G7 leaders and Zelenskiy is expected to discuss further sanctions on Russia.