The asset freeze will be imposed on Sberbank – Russia’s largest bank – in coordination with US sanctions, and the Credit Bank of Moscow. The latest round of sanctions comes in response to scenes of atrocities that were uncovered when Russian forces left the city of Bucha, northwest of the capital, Kiev, last week. In what the Foreign Office described as a “big blow” to the Russian economy, the government will also introduce an “absolute ban” on foreign investment in the country, worth 11 11 billion by 2020. He also confirmed previous plans to end all Russian coal and oil imports by the end of 2022, with the end of gas imports “as soon as possible”. Imports of Russian steel products will be banned and eight other oligarchs have also been added to the sanctions list. “Today, we are stepping up our campaign to end Putin’s horrific war with some of the harshest sanctions ever,” said Secretary of State Liz Truss. “Our latest wave of measures will put an end to Russian energy imports from the United Kingdom and impose sanctions on even more individuals and businesses, decimating Putin’s war machine. “Together with our allies, we show the Russian elite that they can not wash their hands of the atrocities committed on Putin’s orders. “We will not calm down until Ukraine prevails.” The sanctioned oligarchs are top entrepreneurs in strategic industries, including fertilizer companies, gas and oil companies, and the world’s largest diamond producer, Alrosa. One, Andrey Guryev, the founder of the fertilizer company PhosAgro, is described as a “well-known close associate of Vladimir Putin.” The second, Boris Borisovich Rotenberg, is the son of the co-owner of Russia’s largest gas pipeline company SGM. The Foreign Office said the Rothenberg family “is known for its close ties to Putin and some of them have already been sanctioned.” The crackdown comes as the United Kingdom and top EU nations seek to reach an agreement to boost Moscow’s lucrative gas export target at the G7 summit on Thursday. Ms Truss said the sanctions should include “agreeing on a clear timetable for the elimination of Russian oil, coal and gas imports”, following weeks of EU indecision. On Tuesday, the EU announced a ban on imports of coal, wood, cement, beverages and seafood – and said it would consider a possible oil embargo – but made no mention of gas. While EU coal imports are worth 4 billion euros a year to Russia, this is down from the 100 billion euros EU countries paid to Russia last year for its oil and gas. Spain’s EU foreign policy chief, Josep Borrell, has called for oil action, saying: “Every day, we pay a whopping € 1 billion for Russian energy imports and this is obviously a source of revenue used to finance war’s. ”
