UK Announces Ban On Russian Diamonds, US To Target Moscow's 'War Machine' In Latest Sanctions Ahead Of G7
The United Kingdom announced a ban on Russian diamond imports to the country as the G7 is assessing how it can collectively choke Russia's trade in diamonds to further target Putin's war chest.
The United Kingdom announced a ban on Russian diamond imports to the country in the latest sanctions to oppose the invasion of Ukraine. Imports of Russian-origin copper, aluminium, and nickel will be blocked, under legislation to be introduced later this year. The Russian diamond industry was worth $4bn (£3.2bn) in exports in 2021, as per the BBC. This comes as Russia recently increased the frequency of its missile attacks on Ukraine, while the latter appears to be shooting down more Russian missiles.
According to a BBC report, UK Prime Minister Rishi Sunak said that the UK must show "violence and coercion do not reap rewards" ahead of the G7 summit in Hiroshima.
The UK government stated that it was also planning to target 86 people and companies connected to Russian President Vladimir Putin which includes people who are "actively undermining the impact of existing sanctions", the report mentioned.
So far, the UK has targeted more than 1,500 individuals and entities and frozen more than £ 18 billion in assets under the sanctions following the Russian invasion of Ukraine. Downing Street said that more than 60% of the Russian President's war chest has been "immobilised" - worth about £275bn, the BBC reported.
The US and the EU announced similar sanctions earlier as US President Joe Biden set out plans to ban Russian diamonds, seafood, and vodka last year.
ALSO READ | Ahead Of PM Modi's White House Visit, India And US Look To Enhance Defence Industrial Cooperation
US Sanctions To Target Russian 'War Machine'
The United States and its other G7 allies also plan to roll out new sanctions against Moscow. News agency AFP reported a senior US administration official as saying that 70 more entities from Russia and "other countries" would be placed on a US blacklist.
"And there will be upwards of 300 new sanctions against individuals, entities, vessels and aircraft," the official said, as quoted by AFP. New US sanctions at G7 will target Russian 'war machine', AFP reported the US as saying.
The G7 is assessing how it can collectively choke Russia's trade in diamonds -- including high-tech methods of tracing.
Last year, the UK, US, Canada, and Japan banned imports of Russian gold in an effort to hit the country's ability to fund the war in Ukraine.
Ukraine War Likely To Be High On Agena At G7 Meeting
Talks will officially open after Japanese Prime Minister Fumio Kishida on Friday takes leaders to Hiroshima's peace park memorials and museum, where they will see the evidence of the suffering and devastation caused by the 1945 atomic bombing of the city.
US President Joe Biden, French President Emmanuel Macron, and the UK Prime Minister are visiting the site of the first nuclear bomb detonation at the Hiroshima Peace Park alongside other G7 leaders before a meeting where the Ukraine war and economic security are expected to be high on the agenda.
At the meeting, the UK Prime Minister is expected to warn other world leaders "against complacency in defending our values and standing up to autocratic regimes".
On Sunday, Sunak will meet PM Narendra Modi, who is attending the G7 summit as a guest.
As per BBC, Sunak told reporters travelling with him in Japan that he had seen "positive" steps from India in its stance on the war.
The UK Prime Minister said that the sanctions demonstrated the G7 was unified in the face of the threat from Russia. "We are meeting today in Hiroshima, a city that exemplifies both the horrors of war and the dividends of peace. We must redouble our efforts to defend the values of freedom, democracy and tolerance, both in Ukraine and here in the Indo-Pacific," he said, as quoted by BBC.
Trending News
Top Headlines
