Liz Truss calls for a 'tough new wave of sanctions' against Russia
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A US official with direct knowledge of the dealings has said that the measures will include a ban on all new investments in Russia, in a harsh blow for Vladimir Putin’s ailing stewardship of the country’s economy. Russia has already been hard hit by economic sanctions that have seen banks cut out of financial systems, a weakened rouble and businesses’ international assets frozen.
Bloomberg is reporting this evening that the western Governments are also expected to increase the number of sanctions on Russian financial institutions and state-owned companies.
The official also claimed the new measures will target Russian officials and their families.
The fresh package of sanctions is said to be designed to inflict acute and immediate economic harm on Russia, to further limit Putin’s power.
Earlier today (Tuesday), the EU said it would also move to ban imports of Russian coal, something of which it has been heavily reliant on.
Putin’s daughter may also be a target of the new measures, according to the Bloomberg report.
The latest sanctions come following the emergence of shocking footage from the reoccupied city of Bucha, to the north of Kyiv, which show evidence of atrocities against civilians.
Ursula von der Leyen, the European Commission President, said today (Tuesday) that in answer to the “gruesome pictures”, the EU would seek to cut itself free of Russian coal imports.
Russian coal accounted for around 30 percent of the EU’s consumption in 2020,
Currently, the EU draws 45 percent of its gas supply from Russia, and 25 percent of its oil imports.
The bloc’s reliance on Russian fossil fuels – in particular Germany and its heavy industry – has led to calls for the EU to ban imports from Russia.
Putin’s economy is heavily reliant on the sale of Russia’s rich fossil fuel reserves, and financing of the state comes partially from public oil companies such as Gazprom and Rosneft.
The EU had faced criticism in recent weeks that its sanctions so far were not far-reaching enough to reduce the bloc’s reliance on Russia, such that Putin could not use the economic ties to hurt the West.
In recent days there have been reports that Germany was attempting to stall further sanctions that were likely to hurt its economy.
The European Commission’s ban on Russian coal still requires the approval of all 27 member states.
Ms Von der Leyen has previously stated: “We must become independent from Russian oil, coal and gas. We simply cannot rely on a supplier who explicitly threatens us.
“We need to act now to mitigate the impact of rising energy prices, diversify our gas supply for next winter and accelerate the clean energy transition.
“The quicker we switch to renewables and hydrogen, combined with more energy efficiency, the quicker we will be truly independent and master our energy system.”
Yesterday (Monday), Boris Johnson condemned Russia for “despicable” attacks on Ukrainian civilians in recent weeks in the area north of Kyiv, alongside Irpin and other areas.
Footage emerged showing mass graves and dead civilian bodies left in the street.
Human Rights Watch among others accused Russia once again of committing war crimes in Ukraine.
However, Russia has so far denied apparent war crimes, contesting the photographic evidence that was taken by journalists on the scene.
Russia’s representative to the UN Security Council claimed that the bodies photographed in the street were not there before Russian forces had withdrawn from the region.
Vasily Nebenzya claimed there were “flagrant inconsistencies in events shown by Ukrainian and Western media”.
Yet, verified satellite images show bodies left on the same street in Bucha over a week before Russian forces left.
Ukrainian President Volodymyr Zelensky told the UN Security Council that there were “many more cities like Bucha”.
More to follow…
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