The UK is pushing G7 partners to introduce caps on the amount of Russian oil and gas used by members of the group, Foreign Secretary Liz Truss has revealed.
“We have to agree with our G7 counterparts because we cannot do it alone. We have to reduce that over time,” she told Sky News. “I would support caps on the amount of oil and gas imported from Russia so that over time we reduce dependency across Europe, which is what we are working on with our G7 partners. “
Truss said the British government had compiled a “blacklist” of oligarchs – citing more than 100 billionaires in Russia – and “every few weeks” would impose sanctions on new oligarchs.
“There will be an ongoing program of sanctions. . . we target the private jets of the oligarchs, we target their properties and other assets they own. There will be nowhere to hide,” she said.
This week, ministers will introduce an ‘economic crime bill’, including a register of ultimate owners of foreign companies that control land and property in the UK.
Truss admitted the British public would pay an economic cost for the sanctions imposed on Russia, including a ban on some banks’ use of the global payments system Swift. But she said the sacrifices would be “nothing” compared to what the Ukrainians would make.
“We didn’t do enough to deter Putin in 2008 and 2014, so our penalties will be tougher,” she said.