The United Kingdom (UK) has announced sanctions against the two well-known daughters of Russian President Vladimir Putin in a bid to undermine their “lavish lifestyle”.
Putin’s daughters are Katerina Tikhonova and Mariya Vorontsova.
Sanctions will include severe restrictions.
The UK coordinated these sanctions with the US, in another show of global unity against Russia’s illegal invasion of Ukraine.
This follows the UK’s sanctioning of Polina Kovaleva, Sergei Lavrov’s daughter-in-law, on March 25.
These designations come into effect as new analysis shows the devastating impact of sanctions imposed on the Russian economy in recent weeks.
Sanctions imposed by the UK and its international partners are having a profound and damaging impact on Putin’s ability to wage war, with £275bn – 60% of Russia’s foreign currency reserves – currently frozen.
The analysis shows that Russia is heading into the deepest recession since the collapse of the Soviet Union, with estimates for Russian GDP growth in 2022 now ranging from -8.5% to -15%.
Longer-term expert forecasts suggest a continued economic hit, with depressed GDP growth as the country is cut off from Western technology.
The Kremlin faces tough choices at home due to its aggression abroad. Sanctions imposed in response to Putin’s heinous actions have sparked rapid inflation, with average consumer prices up 8.67% since the invasion.
By freezing the assets and restricting the travel of Putin’s allies, the British government is sealing off the reservoirs of money funding the conflict, while ensuring that those who benefited from Putin’s regime feel the consequences.
Oligarchs and other wealthy Russians are among the hardest hit by the sanctions, which have dramatically limited their access to luxury consumer goods and their access to international markets.
The defense industry is also targeted by Western sanctions, with the UK having already led the way by sanctioning Rostec, United Aircraft Corporation, United Shipbuilding Corporation and the world’s largest battle tank manufacturer, Uralvagonzavod.
Sanctions against Kronshtadt, the main producer of Kronshtadt Orion drones and other unmanned aerial vehicles widely used during the Russian invasion of Ukraine, will now make it more difficult to replace these drones.
Restricting access to assets and components will have a significant effect on how quickly and efficiently arms manufacturers can supply Putin’s war effort.