• Boris Johnson will use virtual summit of G7 leaders to
push for tougher sanctions
• Liz Truss said officials had drawn up ‘long list’ of Russian
oligarchs facing action
• She said Britain would act with Western allies to inflict
‘maximum pain’ on Putin
• The Government faced criticism for placing sanctions on
just three oligarchs
Boris Johnson will urge Western leaders to step up
sanctions against Russia – as ministers warned that
Vladimir Putin will face ‘maximum pain’ if he presses
ahead with a full-scale invasion of Ukraine.
The Prime Minister will use a virtual summit of G7 leaders,
including Joe Biden, Emmanuel Macron and German
Chancellor Olaf Scholz, to make the case for tougher
international measures against the Russian president and
Liz Truss said British officials had drawn up a ‘long list’ of
Russian oligarchs and companies that will face sanctions
if the Kremlin orders its troops to invade Ukraine.
The Foreign Secretary said Britain would act with Western
allies to inflict ‘maximum pain’ on Putin’s regime.
Ministers are understood to be drawing up plans to hit
Russian energy, defence and chemicals firms; to stop the
Kremlin borrowing on the UK financial markets, and to
block Russia from the Swift payment system, which
accounts for about half of all high-value international
The Government faced criticism this week after placing
sanctions on just three oligarchs and five banks after
Putin’s decision to send in troops to support separatists in
Mr Johnson insisted there was ‘more to come’, with
measures that will ‘hit Putin where it hurts’.
It came as Eurocrats agreed to the toughest sanctions in
the bloc’s history by striking at the heart of Putin’s inner
Ambassadors agreed to travel bans and asset freezes for
more than 500 people accused of being linked to the
Kremlin’s invasion of Ukraine.
They include high-profile officials such as defence
minister Sergei Shoigu, Putin’s chief of staff Anton Vaino,
and fiery foreign ministry spokesman Maria Zakharova.
And the White House said Mr Biden had allowed sanctions
to move forward against the company that built the
Russia-to-Germany Nord Stream 2 gas pipeline and
against the company’s chief executive.
Germany said on Tuesday it was indefinitely suspending
the project, after Mr Biden said Putin had launched ‘the
beginning of a Russian invasion of Ukraine’.
The pipeline is complete but has not yet begun operating.
British MPs have called for action against 35 oligarchs
identified by Russian opposition leader Alexei Navalny as
‘key enablers’ of the ‘kleptocracy’ run by Putin.
Only one of the 35 – oil baron Gennady Timchenko – has
so far been sanctioned by the UK.
Others on the list, which was read out to Parliament by
Liberal Democrat MP Layla Moran, include Chelsea FC
owner Roman Abramovich and former Arsenal FC investor
Miss Truss declined to say whether Mr Abramovich could
be the target of sanctions, but suggested that many more
oligarchs would be targeted.
‘We have a long list of those complicit in the actions of
the Russian leadership,’ she said.
‘Should Russia refuse to pull back its troops, we can keep
turning up the heat, targeting more banks, elites and
companies of significance.
‘This is about inflicting pain on Putin and degrading the
Russian economic system over time, targeting people that
are close to Putin. What we have to do is make it as
painful as possible.’
Mr Johnson held talks with senior City figures about ways
to tighten the screws on Russian businesses and
individuals with links to the Kremlin.
The PM told the Commons that the Government was
‘bringing forward’ the next wave of sanctions which would
‘stop all Russian banks, all oligarchs, all Russian individuals
raising money on London markets’.
Ministers are also drawing up plans to stop the Kremlin
borrowing on the UK financial markets.
Tory MP Bob Seely said the ‘tide of dirty money’ entering
the UK from Russia was ‘damaging’ the country.
Labour leader Sir Keir Starmer said it was time to end the
‘era of oligarch impunity’ and ensure ‘this country will no
longer be homes for their loot’.
Mr Johnson acknowledged the impatience of many to
move faster, but said it was vital that it was done on a co-
ordinated international basis.
‘On all these measures it is very important to remember
that they are more effective when all financial centres
move forward together, and that is what the UK has been
organising,’ he said.