The British government has been given new legal powers to ban the provision of technical support to aircraft and ships owned by Russian oligarchs or their companies subject to sanctions, according to Reuters.
“The law provides us with new mechanisms to deprive oligarchs of access to their luxury toys,” said Transport Minister Grant Shapps.
The British government is working with Western allies to paralyze the Russian economy as punishment for invading Ukraine. It restricts Russia’s access to the international financial system and imposes sanctions on areas such as shipping and defense, as well as the wealthy elite surrounding President Vladimir Putin, according to Reuters.
The new powers were immediately used against oil tycoon Eugene Schwidler, a billionaire with close business ties to Roman Abramovich, and billionaire Oleg Tinkov, founder of Moscow’s Tinkoff Bank.
These measures complement the sanctions imposed by the UK and other countries, as well as trade decisions made by key players in this field.
Aircraft manufacturers such as Boeing and Airbus have stopped supplying components to Russia, and the United States and the European Union have imposed sanctions on Russian aircraft. Marine engine manufacturers, such as Finland’s Vertsile, have frozen ties with Russia, and Germany’s MAN Energy Solutions is reviewing its contracts.
The Russian shipping sector is also subject to restrictions, including the certification of ships by leading foreign suppliers, which is vital for port access and insurance; shipping companies are leaving the market, and Sovcomflot, Russia’s leading ocean-going shipping company, has also come under sanctions.
Britain has said the new law will expand sanctions on finance, trade and shipping against Crimea, which Russia annexed in 2014, as well as territories not controlled by the Ukrainian government in Donetsk and Luhansk oblasts.