U.K. preparing new Russia sanctions law to leave ‘nowhere to hide’

London – Britain will unveil new sanctions legislation next week to hit “a much wider variety” of Russian economic targets as part of efforts to deter Moscow from invading Ukraine, Foreign Secretary Liz Truss said Sunday.

The U.K.’s top diplomat said the draft law would widen the country’s sanctions toolbox so “any company of interest to the Kremlin and the regime in Russia” could be targeted.

“There will be nowhere to hide for Putin’s oligarchs,” Truss told Sky News.

“What I’ll be announcing later this week is improved legislation on sanctions so we can target more Russian interests that are of direct relevance to the Kremlin.

“What the legislation enables us to do is hit a much wider variety of targets, so there can be nobody who thinks that they will be immune to those sanctions.”

Relations between Russia and the West are at their lowest point since the Cold War after Moscow deployed tens of thousands of troops on the border of Ukraine.

The military build-up has prompted fears it is planning an invasion, spooking NATO and its members in the region and prompting the Western alliance to explore bolstering its own deployments there.

Britain is preparing to offer NATO a “major” deployment of troops, weapons, warships and jets in Europe as soon as next week, Prime Minister Boris Johnson announced late Saturday.

In her interview, Truss warned that European allies must remain united in deterring Moscow, and prioritize “defending freedom and democracy” over “immediate financial issues”.

She noted Germany appeared to be taking “a much tougher line” on the controversial pipeline Nord Stream 2 built to relay Russian gas to Europe.

“We cannot favor short-term economic interests over the long-term survival of freedom and democracy in Europe. That’s the tough decision all of us have got to make,” Truss said.