UK preparing new Russia sanctions law to leave ‘nowhere to hide’

The UK’s top diplomat has warned new sanctions to be announced as early as next week, in efforts to deter Moscow from invading Ukraine.

Britain will unveil new sanctions legislation next week to hit “a much wider variety” of Russian economic targets as part of efforts to deter Moscow from invading Ukraine, Foreign Secretary Liz Truss said Sunday.

The UK’s top diplomat said the draft law would widen the country’s sanctions toolbox so “any company of interest to the Kremlin and the regimen in Russia” could be targeted.

“There will be nowhere to hide for Putin’s oligarchs,” Truss told Sky News.

“What I’ll be announcing later this week is improved legislation on sanctions so we can target more Russian interests that are of direct relevance to the Kremlin.

“What the legislation enables us to do is hit a much wider variety of targets, so there can be nobody who thinks that they will be immune to those sanctions.”

Russian President Vladimir Putin earlier this month. Picture: Pavel BEDNYAKOV / SPUTNIK / AFP

Relations between Russia and the West are at their lowest point since the Cold War after Moscow deployed tens of thousands of troops on the border of Ukraine.

The military build-up has prompted fears it is planning an invasion, spooking NATO and its members in the region and prompting the Western alliance to explore bolstering its own deployments there.

Liz Truss tells BBC she thinks it's "highly likely" that Putin is planning to invade Ukraine.

Foreign Sec says Russia trying to destabilise Ukrainian democracy & building up troops on border.

"There is a real threat of invasion, but we don't know what's going to happen".

— Pippa Crerar (@PippaCrerar) January 30, 2022

Britain is preparing to offer NATO a “major” deployment of troops, weapons, warships and jets in Europe as soon as next week, Prime Minister Boris Johnson announced late Saturday.

In her interview, Truss warned that European allies must remain united in deterring Moscow, and prioritise “defending freedom and democracy” over “immediate financial issues”.

She noted Germany appeared to be taking “a much tougher line” on the controversial pipeline Nord Stream 2 built to relay Russian gas to Europe.

“We cannot favour short-term economic interests over the long-term survival of freedom and democracy in Europe. That’s the tough decision all of us have got to make,” Truss said.