UK media reported the sanctions also include a $4 billion freeze on the diamond export market in addition to sanctioning 86 individuals and entities involved in Russia's military industrial sector.
Sunak is currently in Japan's Hiroshima to attend the summit of the Group of Seven (G7).
European Council President Charles Michel said on Friday that the European Union was planning to restrict trade in Russian diamonds. "We will restrict trade in Russian diamonds," Michel said as G7 leaders gathered for the summit in Japan's Hiroshima, as quoted by French media.
The G7 Summit is being held in Hiroshima from May 19-21 and will focus on the Ukraine conflict, economic security, green investments, and developments in the Indo-Pacific region.
The leaders of India, Australia, Brazil, South Korea, Vietnam, Indonesia, Comoros, and the Cook Islands have been invited to participate in the G7 Summit as well as the heads of seven international organizations, including the United Nations, the World Bank, and the World Health Organization.