In an interview at the G7 summit in Hiroshima, UK Chancellor Rishi Sunak expressed his determination to ensure that “Russia pays a price” for its actions in Ukraine, as he unveiled a new set of sanctions targeting Russian exports. Sunak, who is leading the charge with these sanctions, called on other countries to follow suit.
Under the UK government’s plan, Russian diamond imports, worth $4 billion in exports in 2021, will be banned, along with imports of copper, aluminium, and nickel of Russian origin. The legislation for these measures is expected to be introduced later this year. Sunak emphasized the importance of standing up for democracy, freedom, and the rule of law.
“We believe in democracy, freedom, the rule of law – and it’s right that we stand up for those things,” Sunak told the BBC. “I’m hopeful and confident that our partner countries will follow as they have done when we’ve done this previously. That will make the sanctions more effective, ensure that Russia pays a price for its illegal activity.”
The UK government also revealed its plan to target an additional 86 individuals and companies linked to President Vladimir Putin, including those actively undermining the impact of existing sanctions.
The UK has been actively imposing sanctions on Russia since its attack on Ukraine, with over 1,500 individuals and entities targeted and over £18 billion in assets frozen. Last year, along with the US, Canada, and Japan, the UK banned imports of Russian gold to limit the country’s ability to finance the war in Ukraine.
Downing Street highlighted that more than 60% of President Putin’s war chest, approximately £275 billion, has been “immobilized” through these sanctions. The US and the EU have also implemented similar measures against Russia, with US President Joe Biden announcing plans to ban Russian diamonds, seafood, and vodka.
At the G7 summit in Hiroshima, where discussions on the Ukraine war and economic security are prominent, Chancellor Sunak is expected to caution world leaders against complacency in defending democratic values and standing up to autocratic regimes. He will also meet Indian Prime Minister Narendra Modi, who remains neutral on Russia’s invasion of Ukraine and calls for peaceful dialogue to resolve the conflict.
The UK Chancellor expressed optimism about India’s stance on the war, calling it a positive step. Sunak stressed that the imposition of sanctions demonstrated the unity of the G7 in the face of the threat posed by Russia.
“As we meet today in Hiroshima, a city that exemplifies both the horrors of war and the dividends of peace, we must redouble our efforts to defend the values of freedom, democracy, and tolerance, both in Ukraine and here in the Indo-Pacific,” Sunak stated.
