Britain is preparing to activate a new post-Brexit sanctions regime, Financial Times reported, citing British government insiders.
According to the newspaper, individuals likely to be targeted in the first wave of asset freezes include citizens of Russia, Libya and North Korea. They could also include citizens of Saudi Arabia.
The Foreign Office said the new sanctions regime could be activated immediately after Brexit on January 31. Secondary legislation to beef up the new regime — including a list of new asset freezes — is expected in February or March.
According to Financial Times, British foreign secretary Dominic Raab wants to use the new sanctions regime to show that Britain will play a global leadership role after Brexit, addressing fears that the country might pursue an aggressive new trade policy which disregards human rights.
The foreign secretary is expected to introduce the new British sanctions regime next month. It would be followed by a specific list of people whose assets in the UK will be frozen.
Raab claims the UK’s departure from the EU will allow Britain to act more decisively to tackle human rights abuses. He will use a so-called Magnitsky clause in the legislation that allows him to introduce asset freezes and visa bans.
