According to a statement published by Prime Minister Rishi Sunak, the UK government restricts the import of Russian copper, aluminium, and nickel, as well as Russian diamonds.
Thus, imports of Russian diamonds, as well as copper, aluminium, and nickel from Russia, are expected to be prohibited later this year.
The UK will also impose sanctions on 86 Russian persons and firms involved in the military-industrial complex. Along with industries that give export earnings to the Russian government, according to the release. So yet, the UK government has not provided a list of persons or businesses that would face fines.
The decision expands on previous UK sanctions, which targeted Alrosa, a Russian state-owned mining corporation and raised diamond import duties by 35%. Prior sanctions also applied to other Russian-origin metals, such as iron and steel.
Sanction issued on behalf of the G7 Summit
The latest sanctions were issued ahead of Sunak’s meeting with G7 leaders on Friday in Hiroshima, Japan. Where the PM is scheduled to discuss Western attempts to aid Kyiv, the Indo-Pacific crisis, and nuclear proliferation. Sunak stated that the latest sanctions demonstrate that “the G7 remains united in the face of Russia’s threat and steadfast in our support for Ukraine.”
In reaction to Russia’s military campaign in Ukraine, London imposed some of the strongest economic sanctions on the country. Over 1,500 persons and entities have been blacklisted by the British government. Over $22 billion in Russian-owned assets have been frozen, and over $24 billion in bilateral trade has been prohibited.
According to European Council President Charles Michel, the EU will likewise pursue the Russian diamond trade. “We are now focused on closing loopholes and continuing to cut Russia off from critical supplies,” Michel said.
Meanwhile, Moscow officials have maintained that the limitations are part of the West’s “hybrid war” against Russia. Last year, President Vladimir Putin stated that, while the sanctions had affected the economy, the “economic blitzkrieg had failed.”
