Britain says  it will target companies connected to the theft of Ukrainian grain and the shipment of Russian energy in a new wave of sanctions against the Kremlin.

The UK said it would continue increasing the economic pressure on Russian President Vladimir Putin until peace in Ukraine is restored.

The government would sanction 86 individuals and entities, freezing the assets of those involved in key streams of revenue.

The designations covered companies connected to Russia’s nuclear state company Rosatom, as well as organisations linked to the country’s wider defence, energy, metals, transport and financial sectors.

The Foreign, Commonwealth and Development Office (FCDO) said the new sanctions were part of a crackdown on what it described as shady individuals and entities connected to the theft and resale of Ukrainian grain.

Russia’s sovereign assets would also remain immobilised until it agreed to pay for the damage it has caused in Ukraine, Foreign Secretary James Cleverly said.

The latest announcement widened a package, in which Britain promised to ban Russian diamonds and metals, announced earlier on Friday at the G-7 summit in Japan.

“Putin and his supporters must and will pay the price for their illegal invasion of Ukraine.

“That’s why through today’s new sanctions we are increasing the economic pressure on Putin, making it harder for him to wage his illegal war and inflict untold suffering on innocent Ukrainians.

“We will continue to increase this pressure and crack down on all emerging forms of circumvention until Ukraine prevails and peace is secured.

“Our support for Ukraine is, and will remain, resolute for as long as it takes.’’

Companies targeted in the latest wave of sanctions included Umatex, which produced composite materials based on carbon fibre for Rosatom that could be used for military purposes, and Triniti.

It had its research and development into laser physics directly funded by the Russian Federation’s State Defence Order.

Triniti’s lasers had been installed on tank chassis to dazzle the optics of aircraft and disrupt precision weapons, the FCDO said.

Oleg Romanenko, a lead official at the Zaporizhzhia nuclear power station who had allegedly  colluded with the Russian government, along with 13 members of the Gazprom-Neft board of directors.

And also five involved in Transneft, had also been designated.

Igor Altushkin, the billionaire oligarch who owned  the Russian Copper Company, had also been sanctioned.

As the third largest producer of copper in Russia, Altushkin and his business had allegedly continued to play a key role in a sector of strategic significance for Mr Putin’s military machine.

The UK had also banned Russian metals including aluminium, nickel and copper.

Individuals linked to the systematic theft of Ukrainian grain, which was widely reported to be shipped out of occupied territories packaged as Russian goods, had also been sanctioned.

This included State Grain Corporation and its director Nikita Busel.

As part of Friday’s wave of sanctions, some 20 defence executives and companies equipping both the Russian armed forces and Wagner group had been designated.

These included: Alan Valerievich Lushinkov and Vladimir Nikolaevich Lepin, directors of JSC Concern Kalashnikov, which produced an estimated 95 per cent of all firearms in Russia.

JSC BMZ, which had produced anti-personnel and anti-tank mines used by the Russian armed forces in Ukraine

JSC Motovilikhinskiye, a minority subsidiary of Russian defence conglomerate Rostec which manufactured howitzers used by Russian forces in Ukraine.

As part of the bid to isolate Russia from the global finance system and thwart its military capability, five banks had also been sanctioned, including JSC Dom RF and Metallurgical Investment Bank. (NAN)