London Daily

Focus on the big picture.
Wednesday, Sep 03, 2025

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
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
×