Home Business News Russian businesses and oligarchs hit hard with fresh sanctions to ‘accelerate the economic pressure on Putin’

Russian businesses and oligarchs hit hard with fresh sanctions to ‘accelerate the economic pressure on Putin’

by LLB Finance Reporter
8th Feb 23 12:32 pm

The British Foreign Secretary James Cleverly has slapped Russian businesses and oligarchs with tough sanctions which is designed to “accelerate the economic pressure on (Vladimir) Putin.”

Putin will now find it even harder to hide the economic shambles Russia is in from “ordinary citizens” who are feeling to full force of Western sanctions.

A board member of the Ukrainian Anti-Corruption Action Centre said that Russian oil and gas are finding it “harder” to “conceal” their crippling financial situation.

In January this year Russia’s Finance Ministry published a report which showed that Moscow has been hit a plummeting deficit of $25 billion and it also revealed a 46% fall year on year of almost $6 billion.

Read more on Russia-Ukraine war:

Ukraine braces for ‘full scale offensive at any time’ as Putin amasses ammunition and tens of thousands of troops

A ‘hit’ on a Russian mercenary who is in a ‘grave condition’ is a ‘warning hit’ to Putin’s close ally and chief of Wagner Group

Volodymyr Zelensky arrives to UK on a Top Secret meeting as Sunak signals a major shift in sending fighter jets to Kyiv

Putin has been spending more on the military of 3.12 trillion roubles or 59% and the economic deficit was blamed on the falling price of Urals crude oil and falling natural gas exports since the war started on 24 February 2022.

The plummeting economic deficit will “trickle down” and this will affect “citizens,” financial experts have said.

The Express reported that Roslyn Weems of investment strategy firm Wealth Consortia said, “Sanctions pressure from Western countries, voluntary departure of many western companies, a total break in trade with Europe with no equivalent alternatives on top of the cost of war continues to squeeze ordinary Russian consumers.

“Amid an uncertain atmosphere, investment in Russia is at an all-time low as the business climate is increasingly unfavourable.

“Putin has few allies and friends to help dig his country out of the self-imposed recession he created.”

She added, “The West has to keep existing and continue toughening sanctions until the Russian army fully leaves the entire territory of Ukraine they return the deported Ukrainians and pay for the damages their terrorism made.”

Several manufacturers and top figures have been targeted who support and provide Russian forces in their war against Ukraine.

The British Foreign Office has targeted CST who manufacture Russian drone, RT-Komplekt who provides part for military helicopters which are being widely used in Ukraine.

Software company Topaz was also sanctioned and Oboronlogistics who organises transport and delivery for Russian military equipment, and anti-aircraft missile manufacturing firms Universalmash and Lipetsk were also hit sanctions.

The Foreign Secretary said, “Ukraine has shown Putin that it will not break under his tyrannical invasion.

“He has responded by indiscriminately striking civilian areas and critical national infrastructure across the country.

“We cannot let him succeed.

“We must increase our support.

“These new sanctions accelerate the economic pressure on Putin, undermining his war machine to help Ukraine prevail.

“I am determined, consistent with our laws, that Russia will have no access to the assets we have frozen until it ends, once and for all, its threats to Ukraine’s territorial sovereignty and integrity.”

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