The U.K. is finalizing a stronger sanctions package to impose on Russia in the coming days, following President Vladimir Putinâ€™s renewed invasion of Ukraine, three government sources with direct knowledge of the plans told Wednesday’s London Playbook.
U.K. Foreign Secretary Liz Truss confirmed the U.K. was working on more penalties in an interview with Sky News. “We will go further,” she said. “We’re going to limit Russian access to British markets. We’re going to stop the Russian government raising sovereign debt in the United Kingdom.”
The newer set of sanctions will follow those unveiled by Western allies on Tuesday. Britain’s next tranche of penalties should feature a longer list of Russian oligarchs and individuals connected to Putin, with a source familiar with the names on the list telling London Playbook it was “significant” in both length and seniority.
“We have more individuals that we will target in the event of a full-scale invasion of Ukraine,” Truss said in her interview. “And we’ll be targeting them in conjunction with our international allies, like the Europeans and like the United States to make sure that these people can’t travel, that their assets are frozen, and that they will have nowhere to hide.”
Britain will also hit Russian energy and defense companies, as well as other businesses linked to Putin, London Playbook reported. The government is also looking to target more Russian banks, after sanctioning five on Tuesday.