London Daily

Focus on the big picture.
Sunday, Aug 30, 2026

More than 60% of Putin's war chest frozen, Truss says

More than 60% of Putin's war chest frozen, Truss says

More than 60% of Putin's war chest has been frozen by sanctions but more needs to be done, Liz Truss has said.
The foreign secretary said "crippling" sanctions are pushing the Russian economy back "into the Soviet era".

More than $350bn (£266bn) of Russia's $604bn foreign currency reserves are unavailable to the regime, she added.

Her call for more to be done comes amid condemnation after images of bodies in the streets of Bucha, near Kyiv, emerged after Russian troops withdrew.

Ukrainian President Volodymyr Zelensky has warned he believes the worst atrocities committed by Russian forces are yet to be discovered, but Russia has denied killing civilians - claiming, without evidence, that Ukraine has staged such scenes.

Prime Minister Boris Johnson has released a video on social media, addressed to the Russian public, in which he accuses Russian troops of committing atrocities, including the massacre of civilians and the raping of women.

Speaking in Russian at the close of the video, he says: "Your president stands accused of committing war crimes. But I cannot believe he's acting in your name."

Ms Truss, who spoke after talks with her Polish counterpart Zbigniew Rau, urged G7 countries to go further in their sanctions ahead of G7 and Nato meetings this week.

Measures she is calling for include banning Russian ships from their ports, cracking down on Russian banks, going after industries "filling Putin's war chest" such as the gold trade, and agreeing a timetable to eliminate imports of Russian oil and gas.

Ms Truss said the only way to end the war is for Russian President Mr Putin to lose in Ukraine and will stress the urgency of stepping up sanctions, as well as giving weapons to Ukraine to defend itself.

"Although Russian troops have been defeated in their initial assault on Kyiv, there has been no change in their intent and ambition," she said.

"We are seeing Putin's forces set their sights on the east and south of Ukraine, with the same reckless disregard for civilian lives and their nationhood.

"So far our sanctions have had a crippling impact on those who feed and fund Putin's war machine."

Both the EU and the US are planning more sanctions on Russia this week, with EU ambassadors meeting on Wednesday to decide what steps to take.

European Commission President Ursula von der Leyen has outlined a fifth wave of sanctions, including an import ban on Russian coal, which she said was worth 4bn euro (£3.34bn) per year.

Earlier, Ms Truss agreed with her equivalent from Japan, a fellow G7 member, that the international community must increase pressure on Russia with further co-ordinated sanctions.

The UK has also announced a £10m fund to support organisations in Ukraine, including those helping victims of conflict-related sexual violence.

The UK will also be providing funding and technical assistance for the International Criminal Court's investigation into reports of rape.

"We have all been shocked by the scenes from Bucha," she said. "These are appalling acts of the kind that we thought we left in the 20th Century."

A satellite image of the town from 19 March appears to show bodies lying in the street nearly two weeks before Russians left Bucha.

The picture directly contradicts Russian Foreign Minister Sergei Lavrov's claim that footage of bodies in Bucha was "staged" after the Russians withdrew.

It shows objects that appear to be bodies in the precise locations where Ukrainian forces subsequently found them when they regained control of the town.

During the foreign secretary's visit she also praised Poland for being on the "front line of helping Ukraine" and for always being "clear-eyed" about "Putin's malign intent".

Ukraine's Foreign Minister Dmytro Kuleba has called for countries to stop buying oil, gas and coal from Russia to avert "new Buchas". He described the move as the "mother of all sanctions", saying it would stop the war in a matter of months.
Newsletter

Related Articles

0:00
0:00
Close
UK Officials Highlight 80 Years of Diplomatic Relations With Philippines
Heavy Rain Disrupts Parts of England After Weeks of Extreme Summer Heat
More Than 200 Extra Police Officers Deployed Across Cleveland After Violent Incidents
Burnham Meets Northern Ireland Leaders for Talks on Economy and Youth Employment
Burnham to Abstain From UK Assisted Dying Vote
NHS Leaders Warn of Severe Financial and Staffing Pressures Ahead of Autumn
UK Treasury Prepares October Budget as Defense and Public Spending Pressures Mount
Scottish Government Publishes Draft Bill for Second Independence Referendum
Royal Navy Tracks Russian Warships and Sanctioned Vessels in 72-Hour Operation
UK and Ukraine Agree AI-Focused Defense Technology Partnership
US Reportedly Weighs Falkland Islands Policy Shift to Pressure UK Over NATO Spending
UK Government Mobilizes Emergency Aid as British Nationals Remain Missing After Nepal Floods
UK Hospitality Industry Reports Stronger Summer Trading but Seeks Tax Relief
Reform UK Proposes £30 Tax Credit for Long HMRC Helpline Waits
Labour Debates Caps on Political Donations Ahead of Future Elections
England Accelerates Housing and Planning Reforms Amid Affordability Crisis
NHS Expands Walk-In Community Health Centers to 40 Locations
UK Regulators Expect Meta to Apply Stronger Child Safety Standards Globally
UK Groups Demand Faster Transport Decarbonization After Extreme Summer Weather
UK Launches 10,000 Work Experience Placements as Youth Unemployment Concerns Rise
UK Government Faces Difficult Autumn Budget Choices Over Defense, Spending and Taxes
UK Government Rejects Calls to Slow AI Data Center Expansion
IMF Raises UK Growth Forecast to 1% Despite Global Supply Chain Risks
UK Unsecured Loan Defaults Reach Highest Level Since 2009
UK Energy Price Cap to Rise 4% to Three-Year High of £1,723
More Than 30 Britons Reported Missing After Deadly Nepal-Tibet Floods
Royal Navy Tracks Russian Warships and Sanctioned Vessels in 72-Hour Operation
Police Intensify Investigation Into Organised Crime-Linked Violence in Middlesbrough
UK Small Businesses Face Continued Revenue and Tax Pressures, Federation Says
M&G Real Estate Buys West Sussex Affordable Housing Portfolio for £29 Million
Royal Navy Warship HMS Tamar Visits Cambodia for Regional Security Engagement
UK Government Brings Forward Benefit Payments Ahead of August Bank Holiday
Four Men Plead Guilty to Arson Attack on Jewish Community Ambulances in North London
Ofgem Raises Great Britain’s Household Energy Price Cap by Four Percent From October
UK Government Rejects Green Party Call for Artificial Intelligence Datacentre Moratorium
Millions of UK Benefit Recipients Receive Payments Early Ahead of August Bank Holiday
UK Prime Minister Meets Northern Ireland Leaders in Belfast Over Budget Crisis
Crypto Tax Gains Reach One Point Three Eight Billion Pounds Among UK Investors, HMRC Data Shows
UK Corporate Confidence Rises to Highest Level Since March, Lloyds Survey Shows
Mike Ashley Attacks UK Government Business Rates and Cost-of-Living Policies
Scottish Universities Face Two Hundred Million Pound Annual Funding Gap, Report Warns
Entertainment Figures Urge UK Government to Protect People From AI Voice Cloning
Manchester Airports Group Confirms Customer Data Breached in Cyberattack
Seven Charged Over Vandalism at Donald Trump’s Turnberry Golf Resort in Scotland
Nearly 23,000 UK Households Expected to Move Home on Busiest Day of 2026
UK Benefit Payments to Arrive Early Ahead of August Bank Holiday
Reform UK Pledges to Replace GDPR and Cut Tax Administration Red Tape
Andy Burnham Launches Work Experience Plan for One Million Young People Outside Education or Work
Andy Burnham Faces Labour Backlash After Dropping Support for Political Donations Cap
Andy Burnham Announces UK-Wide Summit With Leaders of Scotland, Wales and Northern Ireland
×