Ban on the import of coal and oil: Britain imposed large-scale sanctions against Russia

On April 6, British Foreign Secretary Liz Truss announced the tightening of sanctions against Russia.

In particular, it announced a complete freeze on the assets of the largest Russian bank and the cessation of all new UK foreign investment in Russia.

The UK will also stop all imports of Russian coal and oil by the end of 2022 and take action against oligarchs and key strategic industries.

Among them are the co-owner of Novatek and Sibur Leonid Mikhelson, the chairman of AK ALROSA Sergey Ivanov, the chairman of the board of Gazprombank Andrey Akimov, the head of Gazprom Neft Alexander Dyukov, the founder of PhosAgro Andrey Guryev Sr., the main beneficiary of Akron Vyacheslav Kantor, General Director of KAMAZ Sergey Kogogin.

Sberbank and Moscow Credit Bank are now also under UK sanctions.

The main announced sanctions include:

• Freezing of assets in relation to Sberbank and Moscow Credit Bank.
• A complete ban on new foreign investment in Russia. In 2020, UK investments in Russia amounted to over £11 billion.
• By the end of 2022, the UK will end any dependence on Russian coal and oil and will stop gas imports as soon as possible thereafter. From next week, the export of key oil refining equipment and catalysts will also be banned, which will reduce Russia’s ability to produce and export oil.
• Actions against key Russian strategic industries and state-owned enterprises. This includes a ban on imports of iron and steel products, the main source of income.

Earlier, the United States of America introduced a new package of sanctions against Russia. He touched on the banking sector of the aggressor country and individuals, including the daughters of Vladimir Putin.