Foreign Secretary announces more than 370 new sanctions now possible thanks to new urgent Economic Crime Act powers.

After today the UK will have designated over 1000 individuals, entities, and subsidiaries under the Russia sanctions regime since invasion.

Today’s designations also include Putin’s key political allies, regime spokespeople and Kremlin-backed disinformation agencies.

Foreign Secretary Liz Truss has announced over 370 more Russian and Belarussian sanctions today (Tuesday 15 March), which means by the end of today the UK will have designated over 1000 individuals, entities, and subsidiaries since invasion under the Russia sanctions regime.

Today’s historic sanctions include more Russian oligarchs and their family members, Putin’s political allies and propagandists. The UK is sanctioning over 370 more individuals, 51 of which are oligarchs and their family members.

The vast majority of today’s designations are made possible under the Economic Crime (Transparency and Enforcement) Act - which has Royal Assent. 

This has given the Government new powers to act in the public interest and immediately designate individuals and entities under an urgent procedure, while evidence is gathered to sanction them under our own standard procedure.

Russian oligarchs now subject to UK sanctions include Mikhail Fridman, Pyotr Aven, and German Khan. 

The oligarchs who will be sanctioned today have a combined estimated worth of more than £100 billion*.

Putin political allies now sanctioned include Prime Minister Mikhail Mishustin, Defence Minister Sergei Shoigu and former President of Russia Dmitry Medvedev. Meanwhile, Russian propagandists who have been designated include Putin’s Press Secretary Dmitry Peskov and Russian Foreign Affairs spokeswoman Maria Zakharova, among others.  

A notorious internet ‘troll farm’, the Internet Research Agency, has also been sanctioned.

Foreign Secretary Liz Truss said, “We are going further and faster than ever in hitting those closest to Putin – from major oligarchs, to his Prime Minister, and the propagandists who peddle his lies and disinformation. We are holding them to account for their complicity in Russia’s crimes in Ukraine.

“Working closely with our allies, we will keep increasing the pressure on Putin and cut off funding for the Russian war machine.”

The UK will continue to tighten the screw on the Russian economy in the coming days, as the Government makes full use of powers necessary to tackle the biggest security crisis in Europe since World War II.

The new provisions brought in by the Economic Crime Act have streamlined the previous legislation so the UK can respond even more swiftly and effectively to the current crisis.

Individuals sanctioned today will have their assets in the UK frozen which means no UK citizen or company can do business with them and they are also banned from travelling to or from the UK.

The UK has led the international sanctions effort, cutting off whole sectors of the Russian economy by targeting its defence companies, its trade and transport sector, and working with allies to exclude Russia from the SWIFT financial system.