Oligarchs seek to stop Truss’s sanctions plan

RUSSIAN oligarchs and Kremlin-linked organisations have mounted an intense lobbying campaign urging the Foreign Office not to impose sanctions if Moscow invades Ukraine, The Telegraph has learnt.

The recent flurry of correspondence from Russian individuals and companies to the UK Government undermines the claim that the Kremlin is unfazed by the prospect of biting economic measures. Viktor Tatarintsev, the Russian ambassador to Sweden, claimed this month that Vladimir Putin “doesn’t give a s---” about sanctions, attempting to pour scorn on the West’s primary strategy to deter – and react – to a new war.

It is understood that the Foreign, Commonwealth and Development Office has been contacted by panicked Russian oligarchs and firms that are collectively worth hundreds of millions of pounds.

Britain, which has been liaising with America and the EU over a coordinated and severe economic response, has already had a black list of targets ready to be placed under sanctions if Russia presses ahead with an invasion of Ukraine. The details remain confidential to avoid allowing those on the list to act pre-emptively to protect assets.

Liz Truss, the Foreign Secretary, views making Russian oligarchs “squeal” a core part of the strategy she has devised.

It can also be revealed that the Government plans to ratchet up sanctions to incrementally “tighten the noose” around the Russian economy the longer any potential military action continues.

An ally of Ms Truss said last night: “The Kremlin says it doesn’t care about sanctions, but that’s clearly not the view of Russian oligarchs and businesses. All sectors will be on the table from energy, to defence, to banking, chemicals and technology.

“It’s part of our strategy to make Russian oligarchs squeal. It will be a surgical sanctions strike and very painful for Russia. It’s a clear deterrence.”

The insider added: “It’s a compounding package. There will be a tough tranche of sanctions ready to go if the Kremlin attacks. We’ll be able to tighten the noose after that – there will be an upward ratchet.

“We’ll be able to increasingly apply pressure.”

Ms Truss is expected to give a statement to the House today updating MPS on the situation in Ukraine and the UK’S sanctions plan.