Britain calls on G7 to intensify pressure on Russia with sanctions

Talking during a video conference with G7 leaders, Starmer highlighted Putin’s unwillingness to make concessions and argued for bolstered aid to Ukraine to position the country as strongly as possible for the future.

He noted that the international community must increase economic pressure and military assistance to achieve this goal.

The remarks come amid ongoing efforts by G7 nations to finalize a $50 billion aid package for Ukraine using Russian assets, as recently noted by US Secretary of State Antony Blinken.

The UK has recently announced new sanctions targeting the illicit gold trade, which it says finances Russia’s war against Ukraine.

“Russia uses the illicit gold trade to launder money and evade sanctions, in doing so bolstering Putin’s war efforts,” the UK government announced in a press release.

The measures include asset freezes on five individuals, including Anto Joseph, CEO of Paloma Precious, which has reportedly purchased over $300 million worth of Russian gold.

The British government reported in 2023 that gold brought $15.5 billion to the Russian economy in 2021, making it one of the country’s most valuable commodities after energy exports.