Britain plans major boost in sanctions on Russia over Ukraine

The British government Friday announced a new round of sanctions against Russia as the Kremlin’s war against Ukraine escalates.

The announcement by the government of Prime Minister Boris Johnson was significant because of criticism that London was lagging behind the U.S. and the European Union in the number of punitive measures it was levying on Russia, and because the United Kingdom has become a prime overseas parking spot for the wealth of Russian oligarchs.

Mr. Johnson’s government said in a statement that the enhanced sanctions package will streamline current rules and give the government “new power in our arsenal to go further and faster.”

Wealthy Russians who have laundered their fortunes through massive investments in high-end London real estate will have “nowhere to hide,” the statement said.

Among the changes is a shortening to six months the time that foreign owners of property inside the U.K. have to declare their identity. Fines for noncompliance were also substantially boosted.

The government is also reportedly looking at ways to quickly copy and implement sanctions already imposed by Washington and Brussels.

“We have shown Putin that his invasion has consequences,” British Foreign Secretary Liz Truss said on Twitter Friday. “In addition to one of the world’s biggest sanctions packages against Russia, we are ratcheting up pressure by introducing emergency legislation to go faster and harder on Putin’s enablers.”

According to British press reports, the Johnson government is preparing sanctions on Russian oil and gas production, the Kremlin’s main source of foreign earnings. To date, the British sanctions have focused mostly on banking and real estate.

Russian oligarchs have already faced some fallout from the week-old war. Russian billionaire Roman Abramovich has announced a forced sale of his valuable Chelsea soccer club, a top team in England’s Premier League.