UK targets Russian banks and shadow fleet in new sanctions package

The UK Government continues to demonstrate unwavering support for Ukraine as Foreign Secretary Ed Miliband unleashes his first major Russia sanctions package.

Russian banks, shadow fleet ships and shady businesses have been slapped with UK sanctions for their role in Russia’s war on Ukraine.

In his first major sanctions package, Foreign Secretary Ed Miliband has reinforced the UK’s commitment to the people of Ukraine by announcing new measures against those supporting the Kremlin’s war effort.

Reaffirming the UK’s commitment to Ukraine

The package targets individuals and businesses enabling Russia’s war in Ukraine, further constraining the networks and revenue streams on which the Kremlin relies.

Among the 19 targets sanctioned today are six Russian banks propping up its war economy, six newly acquired shadow fleet tankers responsible for dodging Western sanctions and four Russian companies importing tantalum and niobium, rare metals critical for producing military equipment used on the battlefield in Ukraine.

Foreign Secretary Ed Miliband said: “Today’s new sanctions demonstrate the UK’s unwavering commitment to supporting Ukraine and bearing down on those propping up the Kremlin’s aggression.

“Ukraine’s fight is our fight. Those that threaten Ukraine’s freedom and democracy are a threat to Britain’s security at home. That’s why we will continue stepping up the pressure on Russia until a just and lasting peace has been reached.”

This new action further builds on the Foreign Secretary’s work on Ukraine since taking office. In recent weeks he has held his first bilateral call in the role with Foreign Minister Sybiha, attended the ASEAN conference in Manila where discussions focussed on support for Ukraine and joined the Prime Minister in Portsmouth last week to host President Zelenskyy, where the UK announced support for cutting-edge drone capabilities to bolster Ukraine’s frontline defences.

Strengthening global stability

On Wednesday (5 August) the Foreign Secretary travelled to Washington DC where he met US Secretary of State Marco Rubio. Discussions focused on efforts to maintain pressure on Russia and underlined that Ukraine’s security is inseparable from European and transatlantic security.

Chancellor John Healey MP said: “Our commitment to stand with the Ukrainian people is absolute.

“That’s why we’re introducing new tougher sanctions to choke off the funds that fuel Putin’s illegal war and are targeting his shadow fleet.

“And the UK will continue to step up our action against Russia and its shadow fleet activity to protect our national security, our economy and global stability.”

Maintaining collective security efforts

This year alone the UK has imposed sanctions on over 500 individuals, entities and ships under its Russia sanctions regime and today’s decisive action sends a clear signal that the UK will not let up on its efforts to hold Russia to account and support Ukraine for as long as it takes.

The UK government has now sanctioned over 3,400 individuals, entities and ships under the Russia sanctions regime. The latest measures form part of the UK’s ongoing effort to defend European and NATO security and weaken Russia’s ability to continue waging war in Ukraine.