David Cameron on LinkedIn: It was a privilege having your picture taken by Tom Stoddart. He was quiet…
David Cameron
It was a privilege having your picture taken by Tom Stoddart. He was quiet &amp; unassuming, yet had such an incredible track record spanning decades. Today, I… | 17 comments on LinkedIn
https://static.licdn.com/aero-v1/sc/h/al2o9zrvru7aqj8e1x2rzsrca
Our sanctions on Russia are working. Don’t believe it? Let me explain why. Our sanctions are designed to deny President Putin the means to continue his war in Ukraine. So far, sanctions have deprived Russia of $400 billion in lost assets and revenues, equivalent to four more years of funding for Russia’s invasion. Our sanctions also limit Russia’s access to critical goods and technology. That is why we have prohibited thousands of goods from being exported to Russia, including every item Russia has been found using on the battlefield. The truth is The Kremlin is desperate to get round our sanctions. They have sought to backfill by substituting imports from other countries, often of lower quality. They are also looking to secure Western products via third countries. That also incurs costs, with Russia having to pay premiums of over 60% on some goods. Let’s be clear. Vladimir Putin is on the verge of making Russia poorer than all EU countries on a per capita basis. Russia is no longer a global arms supplier – its military exports have fallen to levels not seen since the Soviet Union’s collapse. But we are not complacent. Where we have evidence of entities in third countries supporting the circumvention of our sanctions, we act on it. We have done so recently in countries as diverse as Turkey, China, and Iran. But firms in the G7 also need to take responsibility to avoid activity that could support Russia’s war machine. In the UK, we’re helping businesses conduct the necessary due diligence and prevent critical parts or revenues reaching Russia. More advice is available here: https://lnkd.in/diPviSuz And we are serious about enforcing our measures. In August 2023, HMRC fined a UK company £1 million in relation to the unlicensed trade of goods in breach of Russia sanctions. Circumvention of sanctions remains a challenge, but the fact that it’s happening shows sanctions are working – increasing costs and delays, forcing inferior substitution, and making it ever more difficult for Russia to wage a 21st century war. And as Russia evolves its response, so will we. We will do all we can to erode President Putin’s war machine and help the Ukrainian people defend their land.