UK sanctions Russia's Novikombank.

The U.K. extended its sanctions list to include Russia's Novikombank, a bank owned by the Russian state conglomerate Rostec, the U.K. government announced on Dec.

15. London has already sanctioned over 1,600 individuals and more than 200 entities over Russia's aggression against Ukraine. The British government imposed a "prohibition on correspondent banking relationships and processing payments" on Novikombank.

The industrial bank, specializing in machinery, high-tech, and oil and gas industry, was "involved in obtaining a benefit from or supporting the government of Russia," the U.K. said. The majority of Novikombank's shares are held by Rostec, a state-owned conglomerate that includes 11 defense-industry holdings and is involved in Russia's military production. Earlier this week, the U.K. presented a new unit, the Office of Trade Sanctions Implementation (OTSI), to help combat companies that are circumventing sanctions, including those against Russia.

As sanctions bite, Russia eyes Ukraine's mineral resources to fund its invasion

Russia's 2024 federal budget brought little in the way of surprises, the country is gearing up for a long war.

Signed by President Vladimir Putin earlier this week, it ushered record levels of military spending -- a sign of Moscow's commitment to its war against Ukraine.

While part of the Russian