A joint statement with France, Germany, Italy, Poland and Spain on Israel and the Occupied Palestinian Territories:
France, Germany, Italy, Poland, Spain and the United Kingdom, express their grave concern in the face of the continuing, growing violence in the occupied Palestinian territories.
We strongly condemn recent terrorist attacks that killed Israeli citizens. Terrorism can under no circumstance be justified.
We also strongly condemn indiscriminate violence by Israeli settlers against Palestinian civilians, including destruction of homes and properties.
We are saddened by all loss of life. These acts can lead nowhere, except to more violence. Those responsible must face full accountability and legal prosecution. All unilateral actions that threaten peace and incitement to violence must cease.
There has been a spark of hope coming from the recent meeting in Aqaba, where Israelis and Palestinians both affirmed reciprocal commitments, including on efforts to de-escalate and work towards a just and lasting peace.
Such a result is a first in many years, and we thank the United States of America and Kingdom of Jordan for making it possible. We urge all parties to refrain from making this fragile process derail, and call on all parties to make good on the commitments they made in the Aqaba meeting by de-escalating in words and deeds and to restore calm, in order for those efforts to blossom and to make the next meeting in Egypt a success.
There can be no desirable outcome other than a just and lasting peace for all. In this regard, we also reiterate our strong opposition to all unilateral measures that undermine the Two-state solution, including expansion of settlements which are illegal under international law.
We urge the Israeli government to reverse its recent decision to advance the construction of more than 7,000 settlement building units across the occupied West Bank and to legalize settlement outposts.
The United Kingdom and international coalition partners have announced price caps on Russian oil products
The Price Cap Coalition of the G7, the European Union and Australia have set caps on the price of seaborne Russian oil products, effective from 05 February 2023.
High-value Russian exports such as diesel and gasoline, will be capped at $100 while lower-value products such as fuel oil will be capped at $45.
Chancellor Jeremy Hunt hails the efforts of the UK and its allies in throttling the revenues fuelling Vladimir Putin’s illegal war in Ukraine.
The UK and its coalition partners will only provide services facilitating the maritime transport of refined oil products originating in Russia if the goods are traded at or beneath the cap levels of $100 for high-value products like diesel and $45 for low-value products like fuel oil. These prices will be kept under review.
This follows the $60 price cap on Russian crude oil that came into force on 5 December last year. Initial signs suggest that the crude oil cap is successfully curtailing Putin’s ability to use revenues from oil sales to finance his illegal war while minimising disruption to global supply. Russia’s flagship crude oil is now selling around $40 lower than global benchmarks.
The UK government has already introduced an import ban on Russian oil products; therefore, the caps will not be used by the UK.
Chancellor of the Exchequer, Jeremy Hunt, said: “Undermining Putin’s war machine through further sanctions on its funding streams will ensure the Russian government faces the full consequences of its unjustifiable actions.
“The UK has already banned the import of Russian oil products, and we stand shoulder to shoulder with our allies in continuing to pile the pressure on Putin’s revenues while standing in solidarity with the Ukrainian people.”
G7 finance ministers agreed to capping the price of Russian seaborne oil and refined oil products in September 2022 as a way of undermining Putin’s ability to fund his illegal war in Ukraine through inflated global oil prices, while ensuring that third countries can continue to secure affordable oil.
The UK has been front footed in its engagement with international allies and has worked closely with industry and US partners to lead design of the caps. This collaboration has been key given the major role of UK services in facilitating maritime trade. For example, the UK is a global leader in the provision of protection and indemnity (P&I) insurance cover which relates to third-part liability claims – 60% of the global cover provided by the International Group of the P&I clubs is written in the UK.
Given the number of varied oil products on the market, two caps have been introduced to cover two categories of refined oil products. ‘Premium-to-crude’ products are those of high export value often used for transport and electricity generation, such as kerosene-based jet fuel and diesel, while ‘discount-to-crude’ pertains to products of a lesser value like naphtha. The two-cap approach has been introduced as this is the simplest to implement and most workable for industry.
The Prime Minister’s press conference remarks at the NATO Summit in Madrid:
This has been a highly successful and historic NATO Summit in which we have once again exceeded expectations in the unity and single mindedness with which this alliance is confronting Putin’s illegal and barbaric invasion of Ukraine.
After 127 days of war we in NATO are now more resolved than ever that Europe’s boundaries cannot be changed by force and that we must give the Ukrainians the means to protect themselves. And we are.
In the last few days virtually everyone around the table has agreed to give more to help.
And at the same we have to recognise the impacts that this brutal invasion are being felt around the world. In Africa, in Latin America, in Asia – there is not a country that is not being affected now by the surge in energy prices and the shortages of food and fertiliser.
And so just as we in the UK are focused on helping people next month, in July to the 8 million households with £1200 with more help to come, £400 for every family to help with the cost of living and energy. So too, the governments of the Commonwealth, of the G7 and NATO are determined to work together to ease the pressure around the world, whether that means getting the grain from Ukraine or encouraging moves to increase global energy supplies or helping countries to find alternative sources of fertiliser
And we must frankly recognise that not every country takes the same view of Putin’s invasion or sees it in the way that we do. And so we have agreed that we have to explode some myths.
We have to explode the myth that western sanctions are in some way responsible for these price spikes when of course it is the Russian invasion that has caused the shortages of food and Putin’s blockade that are stopping the grain leaving Ukrainian ports.
We need to explode the myth that NATO was in any way responsible for provoking the conflict. Nothing could be further from the truth. And if you want proof that this is a purely defensive alliance, you could have no more eloquent testimony than the accession of Finland and Sweden – quintessentially peace loving countries that have been neutral for decades.
The fact that these two paladins for peace have joined NATO tells you all you need to know about NATO and all you need to know about Putin.
We need to show the global south that we are the partners they need and that we NATO countries and that we’re there to help them as they make the transition to a green future and that they should beware the trap of running up huge debts to other countries that do not share our values and maybe do not have their best interests at heart.
And the final myth we need to debunk is that when it comes to crisis such as this, western democracies, because of the pressures that politicians face, do not have the same staying power.
And I think If Ukraine were to be crushed or forced into a bad peace, the consequences for freedom around the world would be appalling.
And that view is shared by everyone in NATO, so let us be absolutely clear, the best way for us to win the argument around the world about our values, what we stand for, about our opposition to the use of force to change boundaries, about international law. The best way to win that argument is for the Ukrainians to win and for Putin to fail in Ukraine.
That’s why I’m pleased today we have announced another billion pounds worth of military support. And if you wanted evidence of the amazing ability of the Ukrainians to fight back, to overcome adversity to repel the Russians, then then look at what has happened just today on Snake Island where Russia has had to cede ground.
In the end it will prove impossible for Putin to hold down a country that will not accept his rule.
This has been a crucial summit in that we are resolved not just to support Ukraine, but we have agreed a new strategic concept, we are moving beyond the doctrine of tripwire deterrence on NATO’s eastern flank to a new approach of defence deterrence by denial. And countries around the table are also recognising that they must spend more.
And in our case that means meeting, and being prepared to exceed, the target we set for ourselves a decade ago of everybody spending 2% of our GDP on defence, goals which were then set for a very different era. What we are saying is that we want Jens Stoltenberg, the General Secretary to start work on that new target now and he has agreed to do that.
We need to invest for the long term, in vital capabilities like future combat air, while simultaneously adapting to a more dangerous and competitive world. The logical conclusion of the investments we propose to embark, of these decisions, is 2.5% of GDP on Defence by the end of the decade.
I want to say a big thank you to our Spanish hosts, and I think they have done an amazing job and thanks to Jens Stoltenberg, and say at the end of this Madrid Summit – the NATO alliance is plainly in robust health and getting stronger, with new members and a renewed purpose.
We can see that our work is cut out and we can see that there are billions of people around the world, swing voters, who need to hear and understand our arguments, but we have a huge advantage of knowing what we want, in believing in our ideas and having the means to do what we want to do, and above all we are united and, if history is any guide, then I believe that this great alliance will again be successful.
UK will give £25 million to found a new World Bank fund to prevent, prepare for and respond to future devastating pandemics
Investment in preventing future pandemics can stop the devastating human and economic impact of COVID-19 happening again
Prime Minister Boris Johnson has announced £25 million of UK aid backing for a new fund to ensure the world is better prepared to defeat future pandemics.
Hosted by the World Bank, the ‘Financial Intermediary Fund’ for pandemic prevention, preparedness and response will provide funding to countries whose healthcare systems are dangerously unprepared for the challenges caused by large outbreaks of infectious diseases. It will ensure they can quickly respond to, and as far as possible contain, outbreaks before they spread across the world.
The COVID-19 pandemic has led to at least 6.2 million deaths across the world and caused far-reaching economic devastation.
Stopping a pandemic like this ever happening again will require a concerted and coordinated international effort.
At the G7 Summit today (Monday), leaders will discuss the importance of helping countries manage Covid as an endemic disease and the pressing need to invest in preparedness and other measures to prevent history repeating itself.
The new fund will help fill some of the financing gaps exposed by COVID-19, particularly insufficient financing for preparedness in national health systems and disease surveillance at country, regional and global levels. Crucially, the fund can help catalyse countries’ own financing, so the world is as equipped as possible whenever and wherever a new public health risk emerges.
The Prime Minister said: “While the worst days of the coronavirus pandemic are, thankfully, behind us, we cannot be complacent. The next potential pandemic could emerge any moment and with it the devastating human and economic consequences we have experienced over the last two and a half years.
“We must ensure we learn the lessons of COVID-19 and are better prepared next time. We owe it to the people of the world to say, ‘never again’.”
The chance of a pandemic on the scale of COVID-19 occurring in the next 25 years could be as high as 50%, and a key lesson of the coronavirus pandemic is that even small investments in pandemic preparedness can have huge returns.
By contributing to preparedness in the short term, we can avoid huge economic damage in the long-term.
Under the UK’s G7 Presidency last year, the Prime Minister drove forward international work on pandemic preparedness under his ‘five point plan’ and the 100 Days Mission, work on which was led by Sir Patrick Vallance.
This included launching a worldwide network of zoonotic research hubs, increasing the global manufacturing capacity for treatment and vaccines, designing a new early warning system and agreeing global protocols for a future health emergency.
The UK also hosted a Global Pandemic Preparedness Summit in March, which raised over £1.2 billion to develop variant-proof coronavirus vaccines and speed up the process of developing vaccines against future health threats so this can be done in under 100 days.
David Malpass, President of the World Bank Group, said: “I welcome the UK’s support for the new Financial Intermediary Fund to strengthen pandemic prevention, preparedness, and response functions in developing countries.
“The fund will provide a dedicated stream of additional, long-term funding to complement the work of existing institutions and operate with high standards of transparency and accountability.
“COVID-19 highlighted the urgent need for coordinated action to build stronger health systems and mobilise additional resources to prepare for the next pandemic in countries, regions, and around the world.”
At the G7 Summit last year, the UK galvanised international action to donate 870 million coronavirus vaccines to those who need them. This commitment, combined with UK and other investments to support the development and rapid manufacturing scale-up of COVID-19 vaccines, turned the tide on Covid around the world. Two-thirds of the global population have received at least one dose of the Covid vaccine.
The supply of coronavirus vaccines now outstrips demand and UK efforts are therefore focused on action to end the acute phase of the pandemic, help countries manage COVID-19 as an endemic disease and prepare for the next health threat.
Governments, NGOs and private donors have been encouraged to donate to the Financial Intermediary Fund, which was called for by G20 Finance Ministers in April.
The funding announced by the Prime Minister today will establish the UK as a founding donor to the fund, alongside the US, EU and others.
PM to tell G7 leaders: We must keep up our resolve on Ukraine
Prime Minister Boris Johnson will tell G7 leaders that any sign of fatigue or wavering in Western support for Ukraine will play directly into President Putin’s hands.
PM will tell major summit of democratic leaders that President Zelenskyy needs western backing more than ever
Meeting in Germany an opportunity for Western leaders to demonstrate to Ukraine, Russia and the world that we will support Ukraine for as long as it takes
UK is ready to guarantee another half a billion dollars in loans to the Ukrainian Government, bringing total UK economic and humanitarian support to over £1.5bn
Any sign of fatigue or wavering in Western support for Ukraine will play directly into President Putin’s hands, the Prime Minister will tell world leaders this week at the first in-person gathering of G7 leaders since Putin’s full-scale invasion of Ukraine.
The first few weeks and months of the Ukrainian resistance have been characterised by overwhelming global unity and a huge surge of support for the Ukrainian people. It is essential that this is sustained for the long term. Russia’s behaviour and the atrocities Putin is committing must not become normalised in the eyes of the world.
During his second visit to Kyiv since the outbreak of war last week, the Prime Minister spoke to President Zelenskyy about the urgent needs of the Ukrainian Government. This includes military support, opening up the routes out of the country blockaded by the Russian military and urgent financial support to allow the Ukrainian state to function.
The Ukrainian Government fears it could run out of funding by the autumn unless it is given urgent financial help. To help with this pressing need the UK stands ready to provide another $525 million (or £429 million) in guarantees for World Bank lending later this year.
The new support announced today brings the total amount of fiscal support including UK loan guarantees to £1.3 billion ($1.5 billion) and the combined UK economic and humanitarian support to Ukraine to £1.5 billion ($1.8 billion) this year.
President Zelenskyy will virtually address the G7 Summit today. Following his address, the Prime Minister will use an intervention at the Summit to rally support for Ukraine.
He will encourage all G7 countries to back Ukraine in the long-term, building on the significant pledges already made since February.
The Prime Minister said: “Future generations will be awed and inspired by the truly heroic Ukrainian resistance in the face of Putin’s barbarism.
“Ukraine can win and it will win. But they need our backing to do so. Now is not the time to give up on Ukraine.
“The UK will continue to back Ukraine every step of the way, because we know that their security is our security, and their freedom is our freedom.”
UK loan guarantees are playing an important role in closing Ukraine’s financing gap, enabling Multilateral Development Banks like the World Bank to lend far more than they otherwise could to the Ukrainian Government. This lending is covering costs like Ukrainian public sector wages, and the running of schools and hospitals.
These investments will help preserve the Ukrainian state. The UK only covers the cost of the loan if the Ukrainian Government is unable to pay. They are therefore both an investment in Ukraine’s strategic resilience and an expression of confidence in the country’s future.
Without international support, the Ukrainian Government would be forced to pursue paths which compromise their macro-economic stability and long-term economic security, including running down reserves and printing money. Policies like these would directly lead to mass inflation and humanitarian catastrophe in the country.
Prime Minister Boris Johnson’s remarks at the Commonwealth Heads of Government Meeting Press Conference in Kigali, Rwanda, yesterday:
It is an extraordinary and moving experience to be here in Rwanda today. A country that experienced some of the worst horrors of the 20th century in recent memory, and now finds itself with a thriving social and economic life and near-universal primary education.
Today, Rwanda is hosting leaders representing two-thirds of the world’s population, stretching from the remotest islands of the Pacific to the southern tip of Africa.
Rwanda was never a British colony – it joined the Commonwealth of its own volition in 2009, recognising the benefits that come from being part of a progressive alliance representing two thirds of the world’s population and some of its fastest-growing economies.
As many British Prime Ministers before me – and of course both her Majesty the Queen and the Prince of Wales – have recognised, there are few forums more quietly important for our nation’s peace, prosperity and global influence.
We benefit from the incredible Commonwealth advantage – the ‘fertilizer’ I talked about yesterday – of shared language and institutions, which opens doors and cuts the costs of doing business.
We want to seize those opportunities, and that’s why I announced this week major new British investments in green infrastructure projects, as well as trade schemes designed to break down the barriers to doing business.
This is where the UK is positioning ourselves post-Brexit, in close alliance with our European neighbours but also deepening our ties with old friends in Asia, Africa, the Caribbean and the Pacific.
More trade, more commerce brings prosperity and stability to other countries, but it also cuts costs for British consumers and opens opportunities for UK businesses – jobs and growth at home.
Unfortunately, that global prosperity and stability is being threatened by Vladmir Putin’s unprovoked assault on Ukraine.
Many of the countries represented here in Kigali today find themselves bearing the brunt of Putin’s folly, their populations brought closer to poverty by spiralling food and energy costs.
I know of course, and deeply appreciate, that many families and businesses in the UK have been hit hard as well by the rising cost of living.
That is why in our country the Chancellor has introduced an unprecedented package of financial support to support the most vulnerable households.
But we should also recognise the challenges around the world.
The UN estimates that an additional 48 million people will be pushed into acute hunger this year – that is, to the point of starvation – caused by climate change and post-pandemic supply shortages but also by the war in Ukraine.
I spoke to President Zelenskyy last week in Kyiv last week about how we can unblock Russia’s blockade of Ukraine’s grain exports.
But today we are also announcing a new £372 million package of UK aid.
That funding will support the UN’s emergency response in the hardest-hit countries, as well as providing cutting-edge science partnerships to look at drought-resistant crops and new agricultural techniques.
And as I go tomorrow night to the G7 in Germany we will also commit to looking at what more richer countries can do to bring down global commodity prices and increase food supplies to get the world economy back on track and stick up for the freedoms in which we all believe.
First Minister Nicola Sturgeon will underline Scotland’s key interests in global issues when she visits the United States next week.
The visit follows the launch of Scotland’s Global Affairs Framework, which sets out the values, principles and priorities underpinning the Scottish Government’s work to become more active internationally.
Reflecting on the impacts of Brexit, COVID-19, the climate crisis and the invasion of Ukraine, the Framework outlines key areas of focus such as global citizenship, maintaining close relations with the EU, gender equality, and respect for human rights.
The First Minister will take part in a range of engagements focused on the interlinked issues of climate, energy security and the war in Ukraine, including a keynote speech at the Brookings Institution in Washington DC.
She will also meet with key congressional groups and discuss ways to create a greener, fairer and more equitable economy with executives of companies operating across the Atlantic.
First Minister Nicola Sturgeon said: “The COVID-19 pandemic and the climate and biodiversity emergencies prove in the starkest possible way that we live in an interconnected world and it is more important than ever that Scotland plays its part.
“The crisis in Ukraine underlines how interconnected these challenges are, and all countries have a role to play in meeting them.
“We are determined that Scotland continues to be a good global citizen, making a constructive contribution to addressing global challenges such as climate change.
“Our international activity creates opportunities at home, broadens our horizons, attracts high-quality investment and ultimately benefits our people – no more evident than in Scotland’s longstanding relationship and strong trade ties with the USA, which this visit will build upon further.
“By being open and connected and making a positive contribution internationally, we give ourselves the greatest possible chance of building a successful country. In this way we can make a contribution to the world that is welcomed, valued and helps us all.”
UNLUCKY FOR SOME: First Minister Nicola Sturgeon also one of thirteen ‘not getting in’
The Prime Minister spoke to Ukrainian President Volodymyr Zelenskyy yesterday afternoon.He paid tribute to the bravery of Ukrainian forces who continue to valiantly defend their country’s freedom.
President Zelenskyy updated the Prime Minister on the situation in Mariupol, and the Prime Minister said he saluted Ukrainian resistance in the city.
The pair discussed the need for a long-term security solution for Ukraine, and the Prime Minister said he would continue to work closely with allies and partners to ensure Ukraine could defend its sovereignty in the weeks and months to come.
The Prime Minister also updated President Zelenskyy on new sanctions from the UK that came into force last week, and said the UK would continue to provide the means for Ukraine to defend itself, including armoured vehicles in the coming days.
The Prime Minister said international support for Ukraine only grew stronger and that he remained convinced Ukraine would succeed and Putin would fail.
Russia has banned Prime Minister Boris Johnson and some other senior cabinet ministers from entering Russia, citing the UK’s ‘hostile’ stance on the war in Ukraine.
Scotland’s First Minister Nicola Sturgeon and former Prime Minister Theresa May have also been barred.
The statement, issued by the Russian Foreign Ministry yesterday, reads:
‘In connection with the unprecedented hostile actions of the British government, expressed, in particular, in the imposition of sanctions against top officials of the Russian Federation, a decision was made to include key members of the British government and a number of political figures in the Russian “stop list”.
‘This step was taken as a response to London’s unbridled information and political campaign aimed at isolating Russia internationally, creating conditions for containing our country and strangling the domestic economy.
‘In essence, the British leadership is deliberately aggravating the situation around Ukraine, pumping the Kyiv regime with lethal weapons and coordinating similar efforts on the part of NATO.
‘The instigation of London is also unacceptable, which is strongly pushing not only its Western allies, but also other countries to introduce large-scale anti-Russian sanctions, which, however, are senseless and counterproductive.
‘The Russophobic course of the British authorities, whose main task is to incite a negative attitude towards our country, curtail bilateral ties in almost all areas, is detrimental to the well-being and interests of the inhabitants of Britain itself. Any sanctions attacks will inevitably hit their initiators and receive a decisive rebuff.
‘The following is a list of British subjects who are no longer allowed to enter the Russian Federation:
Boris JOHNSON (Alexander Boris de Pfeffel JOHNSON) – Prime Minister;
Dominic Rennie RAAB – Deputy Prime Minister, Minister of Justice;
Elizabeth TRASS (Elizabeth Mary TRUSS) – Minister of Foreign Affairs;
Ben WALLACE – Secretary of Defense;
Grant SHAPPS – Minister of Transport;
Priti PATEL – Minister of the Interior;
Rishi SUNAK – Minister of Finance;
Kwasi KWARTENG – Minister of Entrepreneurship, Energy and Industrial Strategy;
Nadine Vanessa DORRIES – Minister of Digitalization, Culture, Media and Sports;
James HEAPPEY – Deputy Secretary of Defense;
Nicola Ferguson STURGEON – First Minister of Scotland;
Suella BRAVERMAN – Attorney General for England and Wales;
Theresa MAY is a Conservative MP and former British Prime Minister.
‘In the near future, this list will be expanded to include British politicians and parliamentarians who contribute to whipping up anti-Russian hysteria, pushing the “collective West” to use the language of threats in dialogue with Moscow, and shamelessly inciting the Kiev neo-Nazi regime.’
Reacting to the ban, First Minister Nicola Sturgeon described President Putin as ‘a war criminal’ and said she would not ‘shy away from condemning him and his regime’.
Queen’s University Belfast is set to host a major international conference to mark the 25th Anniversary of the Belfast/Good Friday Agreement. The event follows the success of Building Peace Conference that marked the 20th anniversary of the Agreement in 2018, which attracted worldwide media attention and brought together all of the main architects of the agreement.
The conference, which will be organised jointly by the Senator George J. Mitchell Institute for Global Peace, Security and Justice and the University’s Public Engagement Directorate, will take place on April 17th and 18th 2023.
Announcing the event, the President and Vice-Chancellor of Queen’s University, Professor Ian Greer, said: “We are privileged to again mark such an important anniversary of the Belfast/Good Friday Agreement, which will pay tribute to the significant achievements of the then local political leaders and the Governments of the UK, Ireland, and the USA.
“This event, which will take place over two days, will provide an opportunity for dialogue and reflection on the success of the peace process alongside a timely debate on how we as a community take the next steps to building a shared future which focuses on delivering socioeconomic progress for everyone.”
Speaking about the announcement, Queen’s Chancellor, Secretary Hillary Clinton, said: “It is fitting that Queen’s University Belfast will again host a major international event to mark the anniversary of the 1998 Belfast/Good Friday Agreement.
“As an anchor institution in Northern Ireland, the University continues to play a vital role in the development of peace and reconciliation initiatives through the work of the Senator George J. Mitchell Institute for Global Peace, Security and Justice, appropriately named after our former Chancellor and Chair of the talks that led to the Agreement.
“In April 2023, 25 years after the Agreement, we can rightly reflect on the significant achievements made since 1998. More importantly, we can discuss how we shape what the next 25 years of life in the region will look like. Our students and alumni at Queen’s are well placed not only to contribute to that discussion, but also to lead the way in building a better future for everyone in our community.”
Sir Tony Blair Former Prime Minister and Honorary Graduate, Queen’s University Belfast, said: “I am delighted that Queen’s University Belfast will again play host to the events marking the anniversary of the Good Friday Agreement.
“The 25th anniversary is an appropriate time to reflect on the progress that Northern Ireland has made over the past quarter of a century and to discuss how the region can make further progress and tackle the many current challenges facing its people in the years ahead.”
Bertie Ahern, Former Taoiseach, Honorary Graduate and Honorary Professor, Senator George J. Mitchell, Institute of Global Peace, Security and Justice, said: “I look forward to attending the 25th Anniversary Conference organised by Queen’s University Belfast to mark the anniversary of the Good Friday Agreement.
“The conference will be an important and timely forum to celebrate the significant achievements of everyone involved in the Peace Process and also to engage with young people to hear their views on how we build a better future for everyone who shares these islands.”
Oligarchs at the heart of Putin’s inner circle and banks which have bankrolled the Russian occupation of Crimea have been targeted by the first wave of UK sanctions in response to Russia’s further violation of Ukraine’s sovereignty.
Following the Prime Minister’s announcement to the House of Commons, Foreign Secretary Liz Truss yesterday designated the initial tranche of sanctions on Russia. The sanctions package targets oligarchs and banks associated with the Kremlin.
Foreign Secretary Liz Truss said: “This first wave of sanctions will hit oligarchs and banks close to the Kremlin. It sends a clear message that the UK will use our economic heft to inflict pain on Russia and degrade their strategic interests.
“And we are prepared to go much further if Russia does not pull back from the brink. We will curtail the ability of the Russian state and Russian companies to raise funds in our markets, prohibit a range of high tech exports, and further isolate Russian banks from the global economy.
“These will be surgically targeted sanctions that will hit Russia hard.”
Using new powers introduced on 10 February, the UK has frozen the assets and imposed travel bans on 3 leading members of the Russian elite of particular significance to the Kremlin: Gennady Timchenko, Russia’s sixth richest oligarch, and Boris and Igor Rotenberg, 2 long-standing associates of the regime.
Assets of 5 Russian banks involved in bankrolling the Russian occupation have also been frozen with immediate effect. This includes Bank Rossiya, which is particularly close to the Kremlin, Black Sea Bank for Development and Reconstruction, IS Bank and Genbank. The assets of Promsvyazbank, the pivotal bank in propping up Russia’s defence sector, have also been frozen.
The UK will also sanction those members of the Russian Duma and Federation Council who voted to recognise the independence of Donetsk and Luhansk in flagrant violation of Ukraine’s territorial sovereignty.
In addition, over the coming weeks we will extend the territorial sanctions imposed on Crimea to non-government controlled territory in the so-called breakaway republics of Donetsk and Luhansk. No UK individual or business will be able to deal with this territory until it is returned to Ukrainian control.
In the event of further aggressive acts by Russia against Ukraine, we have prepared an unprecedented package of further sanctions ready to go. These include a wide ranging set of measures targeting the Russian financial sector, and trade.
As part of this, should Russia not de-escalate the UK will shortly introduce legislation which will, amongst other steps, prevent Russia from issuing sovereign debt on UK markets. Working with partners we will effectively be isolating Russia from the global economy, and making it far more difficult for oligarchs and businesses to operate outside their own borders.
First Minister: ‘Deep concern’ over actions of Russia in Ukraine
Statement from the First Minister
Commenting on the situation in Ukraine, First Minister Nicola Sturgeon said: “I am deeply concerned by the actions of Russia and the disturbing reports of its invasion of Ukraine.
“The Scottish Government unreservedly condemns Russia’s actions, which are in flagrant violation of international law and which further destabilise an already volatile situation.
“The Scottish Government calls for an immediate cessation of such aggressive activities, with an assurance of the protection of all civilians within Ukraine.
“We offer our unqualified support for Ukrainian independence, sovereignty and territorial integrity and to the people of Ukraine.
“We stand with members of the International Community in opposing Russian aggression, in demanding the most severe sanctions on Russia and in seeking to deter a further and wider invasion of Ukraine.”
