Questions raised over time-lag on UK moves to sanction oligarchs
Liz Truss is facing mounting questions over why the Foreign Office will take “weeks and months” to sanction Russian oligarchs, with the UK lagging behind the US and EU after targeting just eight individuals with links to Vladmir Putin.
The Foreign Office has for days been promising to target a “hit list” of oligarchs but refuses to say when the names will be ready, despite warnings from MPs that billionaires will already be taking their assets out of the country.
Senior Tory MPs are growing increasingly frustrated by what they see as a lack of preparation on the part of the Foreign Office, with some having warned Truss months ago that the UK should be ready with a response against London-based oligarchs with links to Putin if Russia were to invade. Labour also raised concern about “asset flight” by oligarchs who fear they may be hit by sanctions soon and worries that the UK is “off the pace” compared with the US and EU.
Priti Patel, the home secretary, claimed on Tuesday there were “legal reasons” for the time being taken, with officials trying to make sure sanctions are watertight against legal challenge. Cabinet sources insisted the UK had been going further on hitting banks and financial operations with sanctions than other countries, with more than 120 entities targeted to date.
Asked whether more oligarchs would be blacklisted this week, a Foreign Office source said on Tuesday: “We will be sanctioning more oligarchs over the coming weeks and months.”
But David Davis, the Tory former Brexit secretary, said the financial industry sanctions “were not going to hit Putin where it hurts most”.
“We need to target many more of his allies and facilitators that have frankly bought their way into British society and that’s what’s
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