In the wake of the ongoing Russia-Ukraine war, the United Kingdom has imposed a ban on the import of diamonds, which contributed to a significant USD 4 billion in exports in 2021. Additionally, the UK government announced a ban on Russian-origin copper, aluminum, and nickel imports, as stated in a released statement on Thursday.
The UK is taking further steps to address the conflict by preparing to target an additional 86 individuals associated with Putin's military-industrial complex, as well as those involved in crucial industries like energy, metals, and shipping. The government's statement highlighted the UK's determination to address sanctions circumvention and counteract those who actively assist the Kremlin in evading existing sanctions.
During his meeting with G7 leaders in Hiroshima, UK Prime Minister Rishi Sunak will emphasize the importance of preserving ideals and standing against despotic governments. The UK government affirmed its commitment to hinder Russia's war efforts through the implementation of the most severe set of sanctions ever imposed on a significant economy.
According to the official statement, the UK has already sanctioned over 1,500 individuals and entities, freezing more than £18 billion worth of assets within the country. Moreover, over £20 billion of UK-Russia goods trade has been sanctioned to date.
Alongside other G7 leaders, the Prime Minister will visit the A-Bomb dome site at Hiroshima Peace Park and engage in discussions on global collaboration. Topics of discussion include the G7 response to the Ukraine situation, Indo-Pacific security policy, and nuclear non-proliferation. The government statement emphasized that the Prime Minister will urge the international community to remain steadfast in supporting Ukraine, providing diplomatic, military, and economic assistance to ensure international peace and security.
Following his recent meeting with President Zelenskyy, the Prime Minister confirmed increased military assistance and stressed the importance of long-term international support for Ukraine, particularly in its future within NATO. The announcement of the ban on diamonds and Russian-origin metals follows discussions on Ukraine's path toward a stronger political alliance and increased cooperation with G7 and NATO members.
In a related development, the United States is also poised to unveil new sanctions to extensively restrict Russia's access to goods vital for its battlefield capabilities. Ahead of the G7 summit in Japan, a US official revealed plans to blacklist approximately 70 companies and organizations involved in selling restricted US products to Russia. The official stated that export controls would be expanded to make it increasingly challenging for Russia to sustain its war efforts. These measures include extensive restrictions on key battlefield goods and adding around 70 entities from Russia and third countries to the Commerce blacklist, thereby preventing them from receiving US exports.
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