Vladimir Putin
Russian President Vladimir Putin was first elected president in 2000 and theoretically could stay in power until 2036. Sergei BOBYLYOV/SPUTNIK via AFP

On 14 December, the UK government implemented a new legislation that allows for the further sanctioning of Russian businesses.

This time, technology companies are being targeted as sources of funding that could support Russia's full-scale invasion of Ukraine.

The additional restrictions on Russia's economy mark the most severe sanctions ever imposed on a major country.

The extreme financial limitations have been agreed upon by the UK and its allies, including the US and other current member states of NATO.

In the year after Russian President Vladimir Putin ordered the complete capture of Ukraine, in February 2022, the number of goods imported to the UK from Russia has fallen by a staggering 94 per cent.

While Putin continues to deny Russia's economic crisis, exports from the UK to Russia also plummeted by a huge 74 per cent.

A spokesperson for the UK government told reporters: "Putin and his supporters must - and will - pay the price for their illegal invasion of Ukraine."

"We will continue to ratchet up economic pressure and come down hard on all emerging forms of circumvention until Ukraine prevails and peace is secured," the spokesperson reassured.

With regard to the machine parts and electronic products that the Ukrainian Armed Forces have discovered on the battlefield, further sanctions will prohibit the export of a new range of technological goods.

The export of electronics to Russia has since been considered a threat to Ukraine's safety if they are in the hands of Russia's Army.

The government spokesperson noted that the British authorities will "continue to work alongside our partners to deny Russia access to any of our goods or technologies that it could use in its war machine, restricting Russia's ability to fight a 21st-century war".

Considering the already low levels of UK-Russia trade, the additional limitations will continue to deprive Russia of the products that it can use in an attack against Ukraine.

Despite the new sanctions, the UK has continued to allow the export of health products, humanitarian aid and food items to Russia.

In regard to the sanctions implemented on import licences, certain Russian metals have been banned from entering the UK as the metal revenue is expected to be put towards Putin's assault on Ukraine.

Russia's gross domestic product (GDP) is estimated to have dropped by more than two per cent in 2022 alone, but still, giant Russian organisations are continuing to profit off UK politics.

Gazprom is an energy giant in Russia.

Accounts show that the company earned a staggering £39 million from the gas activities in the North Sea last year.

The major financial profits are "totally unacceptable", said Sir Ed Davey, the Leader of the Liberal Democrat Party.

This year, Prime Minister Rishi Sunak came under fire after he announced his plans to back-track on net zero goals and to continue with the digging of more oil and gas in the North Sea.

The gas taken from UK territory "is bolstering the coffers of Putin's illegal war against Ukraine", Davey added.

Russia is also thought to be home to the world's largest diamond reserves.

According to Statista, as of 2022, "Russia's natural diamond reserves were estimated at approximately 600 million carats".

The output of Russia's diamonds has also fallen since the Russia-Ukraine war escalated in 2022, by more than eight per cent.

The import of diamonds has not yet been banned.

However, the UK government also announced that the authorities are forming a separate legislation that prohibits the arrival of Russian diamonds to the UK.