Tom Keatinge, Director, Centre for Financial Crime and Security Studies, on the UK's Russian sanctions legislation.
This evening, after a day of on-again-off-again expectations, the UK government has published its new Russia sanctions regime. The framework, aimed at preparing the UK’s response to further Russian aggression towards Ukraine is – as trailed by the Foreign Secretary – broad and would deliver ‘massive economic consequences’ if enacted to the fullest extent. The regime is primarily designed to target key elements of the Russian economy, including financial institutions, construction, defence, chemicals, energy and extractives. But it also presents the possibility for directly targeting oligarchs, and by extension the dirty Russian money in London, that have benefited from supporting the Russian government. There are thus a plethora of options on which the government can draw, should Russian take further action to destabilise Ukraine. The unanswered question is the extent to which they will do so if the time comes.
Latest Commentaries on Sanctions
Read more comment and analysis on Ukraine and Russia on our website
Centre for Financial Crime and Security Studies