Liz Truss has warned Russian oligarchs they have “nowhere to hide” as she announced a crackdown on Kremlin-linked money.
The foreign secretary unveiled new legislation on Monday to expand UK sanctions in response to Russia’s aggression towards Ukraine.
It is the latest attempt by the UK to dissuade the Russian president Vladimir Putin from launching an invasion of Ukraine.
And it comes as Boris Johnson is set to visit Ukraine tomorrow as fears increase over the outbreak of a potential war.
“Whether you support Russia’s aggressive actions against Ukraine, or you’re of wider significance to the Kremlin, we will have the power to sanction you,” Truss said.
“Nothing is off the table and there will be nowhere to hide. This will amount to the toughest sanctions regime against Russia we have had in place yet, and mark the biggest change in our approach since leaving the European Union.”
Previously the UK was only able to sanction those linked to the destabilisation of Ukraine.
But today’s announcement means more individuals and businesses can be sanctioned due to their “significance to the Kremlin”.
The foreign office said the powers would be ready if necessary to hit the Russian state and its strategic interests “where it really hurts”.
They say it will allow the UK to work with its allies to freeze Russian assets and ban travel.
The prime minister’s official spokesman said earlier today: “The Russian elite should be in no doubt that we have significant powers and will take them further, which will place massive pressure on them should they continue on this path of aggression.”
Johnson will be joined by Truss on the trip to Ukraine, when he will also hold a press conference with Ukrainian president Volodymyr Zelensky.
The PM was due to speak to Russian president Vladimir Putin in a phone call on Monday afternoon, as part of efforts to avoid a conflict in the region, but was postponed in the aftermath off the publication of Sue Gray’s update on her partygate probe.
Russia has amassed tens of thousand of troops on the Ukrainian border.
Last week, Johnson warned Putin that any war with their neighbours would be “painful, violent and bloody”.