Law360, London (April 7, 2022, 11:59 AM BST) -- The British government has imposed asset freezes on two of Russia's largest banks and said it would end all imports of coal and oil from the country by the end of 2022 after reports of atrocities by Russian forces in the Ukrainian city of Bucha.

The fifth round of sanctions announced on Wednesday by Westminster will impose further financial restrictions on Sberbank, Russia's largest lender, and the Credit Bank of Moscow. It also imposed sanctions against eight individuals holding leading positions at some of Russia's largest companies and financial institutions.

Foreign Secretary Liz Truss has also halted U.K. investment in Russia, which the government estimates is worth more than £11 billion ($14 billion), and has prohibited British manufacturers from exporting oil refining equipment and catalysts to the country.

The U.K. will also block imports of Russian iron and steel products in an effort to target key industries for Russia, further reducing their potential revenues from exports.

"Our latest wave of measures will bring an end to the UK's imports of Russian energy and sanction yet more individuals and businesses, decimating Putin's war machine," Truss said in a statement. "Together with our allies, we are showing the Russian elite that they cannot wash their hands of the atrocities committed on Putin's orders.

"We will not rest until Ukraine prevails," she added.

The government placed new sanctions against individuals it described as oligarchs, including Sergey Ivanov, president of Russian mining group Alrosa, the world's largest diamond mining company by volume.

Targeted sanctions were placed on the chief executives at key subsidiaries of Russia's largest company, Gazprom: Andrey Akimov of Gazprombank, and Aleksander Dyukov of oil producer Gazprom Neft.

Sanction also targeted Andre Guryev, the founder of fertilizer company PhosAgro, and Viatcheslav Kantor, the majority shareholder of fertilizer company Acron. Both are key figures in Russia's agricultural sector, and Kantor is president of the European Jewish Congress.

The foreign office also sanctioned Sergey Kogogin, the director of truck manufacturer Kamaz, and Boris Rotenberg, the son of a co-owner of a gas pipeline manufacturer, SGM. Leonid Michelson; founder of natural gas company Novatek — which is worth £18 billion — was also targeted.

Truss will encourage other governments to impose further new sanctions at a meeting tomorrow of the G-7 group of nations, which will include a new timetable for Western nations to decrease their dependence on Russian energy sources.

The asset freezes criminalize U.K.-based businesses that interact with any British funds or assets owned or controlled by the sanctioned individual or organization. The sanctions include travel bans and transport sanctions against the individuals, preventing them from crossing U.K. borders and landing any boats or aircraft within its borders.

Britain announced its latest steps after announcements by the U.S. on Wednesday that it would place its "most severe" sanctions on Sberbank, Russia's largest lender, and Alfa Bank, the largest private financial institution in Russia and fourth-largest overall.

The new U.S. restrictions mean the two banks are no longer able to make transactions with any U.S. institution or individual. Asset freezes will also be put in place on all assets the lenders hold in the U.S.

The European Union also said Wednesday that its latest sanctions and ban on Russian coal could be followed by a block on oil imports, threatening a major source of the country's foreign income.

-- Additional reporting by Sarah Jarvis and Joel Poultney. Editing by Ed Harris.

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