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The UK will impose a full asset freeze on Russia’s biggest bank and end all oil and coal imports by the end of the year, Foreign Secretary Liz Truss has said.

Sanctions will also be imposed on eight other oligarchs, including Moshe Kantor, the main shareholder of fertilizer company Acron and Andrey Guryev, the founder of another key fertilizer company, which the UK has described as a close associate. associate of Vladimir Putin.

Sergei Sergeevich Ivanov, chairman of the world’s largest diamond producer Alrosa, and Leonid Mikhelson, founder and CEO of Russia’s leading natural gas producer Novatek, with a net worth of £18 billion, are also sanctioned.

The announcement was accompanied by similar moves by Western allies, including the EU, which has also banned imports of Russian coal. The United States announced that it was also imposing sanctions on Sberbank, Russia’s largest bank, as well as the United Kingdom.

The UK will impose an asset freeze on Sberbank and Credit Bank of Moscow and put in place an outright ban on all new outside investment in Russia, which was worth £11bn in 2020.

By the end of 2022, the UK would end all dependence on Russian coal and oil, according to the sanctions announcement, with a commitment to end gas imports “as soon as possibly later”.

Export bans will also be put in place on major oil refining equipment as well as a ban on imports of steel products.

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