Rishi Sunak says Russia will face consequences through new sanctions
Rishi Sunak has stated he wants to ensure “Russia pays a price” for the battle in Ukraine after announcing new boycotts targeting Russian deals.
Talking to the BBC’s Chris Mason at the G7 seminar in Hiroshima, Japan, the prime minister said he was showing the way with new boycotts on Russia.
He said he expected other nations would follow suit.
Rishi Sunak speaks about sanctions on Russia in Hiroshima:
Russian diamond deals with the UK are among the goods that the government will restrict. The Russian diamond business was valued at $4bn (£3.2bn) in exports in 2021.
Russian-origin copper, aluminium and nickel deals will also be barred under legislation to be presented later this year. “We have faith in democracy, liberty, the rule of law – and it’s right that we stand up for those things,” Mr Sunak said to the BBC.
“I’m optimistic and sure that our ally countries will follow as they have done when we did this. “That will make the boycotts more effective, assure that Russia pays a price for its criminal activity.”
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The UK government even planned to target 86 more people and businesses linked to President Vladimir Putin, including people “actively sabotaging the effectiveness of existing sanctions”.
Since Russia invaded Ukraine, the UK has targeted over 1,500 people and commodities and frozen almost £18bn assets under the sanctions rule.
Previous year the UK, US, Canada and Japan restricted imports of Russian gold to strike the nation’s capacity to fund the battle in Ukraine.
Downing Street said around 60% of President Putin’s war chest has been “immobilised” – valued at approximately £275bn.
The US and the EU have declared similar embargoes on Russia – with US President Joe Biden setting out strategies to restrict Russian diamonds, seafood and booze last year.
The President of the European Council, Charles Michel, states the EU even wants to ban trade in Russian diamonds to try to isolate Moscow further.
