LONDON, 23 February 2022, (TON): Oligarchs at the heart of Putin’s inner circle and banks which have bankrolled the Russian occupation of Crimea have been targeted by the first wave of UK sanctions in response to Russia’s further violation of Ukraine’s sovereignty.

Following the Prime Minister’s announcement to the House of Commons, Foreign Secretary Liz Truss is today (Tuesday 22 February) designating the initial tranche of sanctions on Russia.

The sanctions package targets oligarchs and banks associated with the Kremlin.

Foreign Secretary Liz Truss said “this first wave of sanctions will hit oligarchs and banks close to the Kremlin. It sends a clear message that the UK will use our economic heft to inflict pain on Russia and degrade their strategic interests.”

And we are prepared to go much further if Russia does not pull back from the brink. We will curtail the ability of the Russian state and Russian companies to raise funds in our markets, prohibit a range of high tech exports, and further isolate Russian banks from the global economy.

These will be surgically targeted sanctions that will hit Russia hard.