London Daily

Focus on the big picture.
Sunday, Jun 21, 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 Government Tightens Procurement Rules to Prioritise National Security and Supply Chain Resilience
National Drought Group Reviews Water Supply Risks After Dry Spring and Ongoing Heatwave
Andy Burnham Faces Leadership Speculation After Weak Local Election Results for Labour
Charity Commission Appoints Interim Managers to Barnabas Aid Amid Financial Investigation
Government Awards £27 Million Leonardo UK Contract to Maintain Military Aircraft Fleet
Environment Agency Suspends Chichester Waste Site Permit Over Fire and Pollution Risks
Border Force Seizes Record Cannabis Shipment in Major UK Criminal Network Disruption
Lloyds Banking Group to Hire 300 Artificial Intelligence Specialists in Digital Expansion Push
UK Government Introduces Alcohol Monitoring Tags for 7,000 Offenders Ahead of Summer Sporting Season
Resident Doctors in England Prepare Vote on Government Pay and Working Conditions Offer
Police Scotland Investigates Suspected Anti-Muslim Attacks in Edinburgh Following Arrest
Met Office Issues Rare Amber Extreme Heat Warning Across Southern and Eastern England
UK Government Unveils Digital Homebuying Reforms to Cut Costs and Speed Up Property Transactions
Train Driver Dies and 89 Injured in Rail Collision Near Bedford as Safety Investigation Begins
Long-Term Economic and Political Effects of Brexit Continue to Shape UK Policymaking
Digital Disinformation Emerges as a Growing National Security Challenge in the United Kingdom
Britain's Dependence on Global Energy Routes Drives Push for More Resilient Supply Chains
Rising Energy Costs Continue to Threaten Britain's Cost-of-Living Recovery
Concerns Grow Over Far-Right Organizing and AI-Driven Online Radicalization in Britain
UK-Led Global Partnerships Conference Calls for Reform of International Development Finance
Middle East Tensions Continue to Weigh on UK Business Confidence
Reports of Middle East Peace Deal Ease Pressure on UK Energy Prices
UK Warns Middle East Conflict Could Worsen Global Food Insecurity
UK Economy Loses Momentum After Strong Start to 2026
Bank of England Holds Interest Rates at 3.75% Despite Easing Inflation
Brexit's Legacy Remains Deeply Divisive Ten Years After the UK Voted to Leave the European Union
International Anti-War Conference Opens in London as Debate Over European Rearmament Intensifies
UK Health Authorities Introduce Drug Price Concessions Amid Record NHS Medicine Shortages
Sir David Attenborough Supports Sherwood Forest Conservation Efforts After Loss of Major Oak
Aardman Animations Marks 50 Years With Major Exhibition in Bristol
Drax Cleared After Investigation Into Wood Pellet Sourcing Practices
Jaguar Land Rover Shifts Toward Hybrid Vehicle Production for US Export Strategy
UK Police Arrest Liberal Democrat MP Cameron Thomas on Suspicion of Assault
Health Concerns Grow Over Elevated Kidney Cancer Rates Near Lancashire PFAS Factory
Royal Navy F-35 Jets Conduct First NATO Air Warfare Exercise from Finnish Airspace
UK NHS Issues Price Concessions for Medicines Amid Severe Drug Shortages
Heathrow Third Runway Project Faces Sharp Downward Revision in Expected Economic Benefits
Amber Heat Warning Issued Across Parts of England and Wales as Temperatures Rise
Train Collision Near Bedford Disrupts UK Rail Network and Leaves Multiple Injured
Bank of England Data Suggests Brexit Has Reduced UK Economic Output by Around Six Percent
UK Borrowing Costs Hold Near 4.8 Percent as Political Uncertainty Fuels Market Pressure
Andy Burnham Emerges as Front-Runner to Succeed Keir Starmer After Landslide Makerfield Victory
Prime Minister Keir Starmer Faces Mounting Pressure to Resign After Labour By-Election Defeat in Makerfield
Payment Fraud Losses Reach £1.28 Billion and Raise National Security Concerns
Lending to Small Businesses Climbs to Highest Level Since Late 2024
Middle East Conflict Clouds UK Economic Recovery Despite Strong First-Quarter Growth
Bank of England Moves to Simplify Capital Rules for Smaller Lenders
UK Government Fast-Tracks National Security and Cyber Resilience Legislation
Ofcom Investigates Telegram Over Alleged Role in Organising Arson Attacks
MPs Press Fujitsu to Speed Compensation for Post Office Horizon Victims
×