UK Freezes Russian State Banks' Overseas Assets... Suspension of Oil and Coal Imports

Boris Johnson, Prime Minister of the United Kingdom [Photo by AP Yonhap News]

[Asia Economy Reporter Park Byung-hee] On the 6th (local time), the UK froze the overseas assets of Sberbank and Moscow Credit Bank, Russia's largest state-owned banks involved in the invasion of Ukraine, AFP reported.

The UK also announced that it will completely stop importing Russian oil and coal by the end of this year and will cease purchasing natural gas as soon as possible. Additionally, it will halt imports of steel products from Russia and impose a total ban on the export of refining machinery and catalysts to Russia starting next week. The UK also prevented Russia from accessing quantum and advanced materials technology.

Foreign Secretary Liz Truss stated in a press release, "We will strengthen the campaign to end (Russian President Vladimir) Putin's horrific war with the strongest sanctions," emphasizing, "We will put an end to Russian energy imports and sanction more individuals and companies to crush Putin's war machine."

The individuals targeted by the UK government's latest personal sanctions include eight Russian emerging oligarchs who have made money in various industries such as fertilizer, oil, gas, trucks, and diamonds.

This content was produced with the assistance of AI translation services.