The United Kingdom on Wednesday announced a new set of sanctions against Russia "to starve Putin's war machine,” according to a statement by the British Foreign Office.
Britain's fifth package of sanctions on Moscow over the war in Ukraine include a full asset freeze on Russia's largest bank, Sberbank, and Credit Bank of Moscow, as well as a ban on new British investment in Russia which was worth over $14 billion in 2020, the statement said.
Britain will end all its dependency on Russian coal and oil by the end of 2022, and end imports of gas “as soon as possible thereafter,” as well as exports of oil equipment and catalysts and imports of iron and steel products, it added.
"This will be another major hit to the Russian economy and further limit their future capabilities,” the British government said in the statement.
The UK also sanctioned eight additional Russian oligarchs, whom Russian President Vladimir Putin "uses to prop up his war economy," the statement added.
"Our latest wave of measures will bring an end to the UK's imports of Russian energy and sanction yet more individuals and businesses, decimating Putin’s war machine," British Foreign Secretary Liz Truss said, calling the newest sanctions the "toughest" yet.
"Together with our allies, we are showing the Russian elite that they cannot wash their hands of the atrocities committed on Putin's orders. We will not rest until Ukraine prevails," she added.