UK Foreign Secretary Liz Truss warned on Tuesday that the British people will suffer “economic costs” of sanctions against Russia, as electricity bills and the cost of living increase due to the West’s response to the conflict in Ukraine.
“Of course, there will be an economic cost for British people from these sanctions, in terms of their energy bills and their cost of living, but that cost is nothing compared to the cost to the people of Ukraine of this horrific barbarism they’re facing,” Truss told the UK parliament.
Despite the impact on Britain, Truss defended the UK’s response, claiming that it was necessary as there is “no limit” to Russian President Vladimir Putin’s “ambitions” if he does not fail in Ukraine.
The UK has, so far, introduced sanctions against several Russian banks, including Sberbank, VEB and Sovcombank, as well as against specific individuals, including businessmen Gennady Timchenko, Boris Rotenberg, and Igor Botenberg.
The statement from Truss came after she admitted on Monday that the UK had been “slower” to respond to Russia’s military activity in Ukraine than the EU and US, blaming the House of Lords for delaying government action.
Citing amendments made by Lords to the Sanctions and Anti-Money Laundering Act of 2018, Truss claimed it was “harder to get sanctions agreed,” describing the current process as “cumbersome and slower” than before.
Despite this, the House of Commons fast-tracked the economic crime bill on Monday, which the government claims will allow it to target individuals linked to Putin “harder and faster” with sanctions. The bill is awaiting consideration by the House of Lords but Truss hopes it will be passed into law by March 14.