LONDON – Britain will seek to speed up its sanctions process on Monday via new legislation designed to allow ministers to tighten restrictions on Russian businesses and wealthy individuals.
The Economic Crime (Transparency and Enforcement) Bill is being pushed through parliament next week as Britain tries to punish those with links to Russian President Vladimir Putin in response to his invasion of Ukraine.
“Punishing sanctions are meaningless until properly implemented, and these changes will allow us to pursue Putin’s allies in the UK with the full backing of the law, beyond doubt or legal challenge,” Prime Minister Boris Johnson said.
Britain has already sanctioned some individuals, banks and companies, but has been criticised by campaigners and opposition politicians who say it has moved too slowly to crack down on Russian oligarchs and companies.
Among the technical changes to the draft legislation is the creation of a legal power to sanction individuals or companies already placed under sanctions by allies such as the European Union, United States and Canada.