Ministers have been urged by the Lib Dems to close loopholes which analysts say create hundreds of millions of pounds of tax revenue for the Kremlin
Britain is still contributing millions of pounds to Vladimir Putin’s war chest by failing to shut sanctions loopholes, Keir Starmer has been warned.
Ministers face calls to tighten measures and get rid of “unconscionable” gaps that are boosting the Kremlin’s coffers. The Lib Dems called on the Government to ban UK companies from shipping or insuring Russian liquified natural gas (LNG).
They also demanded a ban on products processed from Russian oil in other countries. This would wipe more than £500million from Putin’s economy, analysis suggests.
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The party’s defence spokeswoman, Helen Maguire, said: “It’s unconscionable that, in the fourth year of Putin’s full-scale invasion of Ukraine, the UK is still contributing to the Kremlin’s coffers.”
It comes after the Government announced a price cap on Russian oil would be reduced to $47.60 per barrel. But Ms Maguire branded it “a drop in the ocean compared to the action Britain must take” – calling for it to fall to $30.
She stated: “Once and for all, we need to close the refinery-shaped loophole in our legislation – ensuring that the UK does not provide a single rouble for Putin’s war of conquest.”
And the Lib Dem frontbencher added: “An end to imports of Russian oil processed overseas, a ban on British companies shipping or insuring the Kremlin’s gas, and a cut-throat approach to the oil price cap will cost the Kremlin millions.
“We must show President Zelensky that we will back him and the Ukrainian people to the hilt.” Analysis by the Centre for Research on Energy and Clean Air (CREA) found importing products processed from Russian oil means the Kremlin gains more than £500million in tax receipts.
And it also estimates UK owned or insured LNG carriers helped transport £45billion of Russian products since Putin’s 2022 invasion of Ukraine.
The Mirror has contacted the Foreign Office for comment.
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