The UK has announced what it describes as the “largest and most severe package” of sanctions on Russia after Ukraine invasion

Among the sanctions announced are asset freezes on all major Russian banks; legislation to prohibit Russian companies from raising finance on UK markets; sanctions against more than 100 individuals, entities and their subsidiaries; trade and export bans on a wide range of tech equipment; an imminent ban on the Russian airline Aeroflot

There is also an intention to shut off Russia’s access to the SWIFT payment system.

In a direct attack on the Russian president, The Prime Minister told the House of Commons:

“Putin will stand condemned in the eyes of the world and of history. He will never be able to cleanse the blood of Ukraine from his hands.”

The Government anticipates that the cumulative impact of these far greater sanctions will be the loss of several percentage points off Russia’s GDP – which could be enough to potentially push the country into recession.

Among those targeted are VTB, Russia’s second-largest bank with assets totalling £154bn and 95,000 employees

Rostec, Russia’s biggest defence company which exports more than £10bn of arms as year and employs two million people

Five of Putin’s inner circle including his ex son-in-law Kirill Shamalov, previously married to his daughter Katarina and Russia’s youngest billionaire

Tactical Missile Corporation, Russia’s leading supplier of air and sea missiles which played a leading role in its build up of forces against Ukraine and
Uralvagonzavod, one of the world’s largest tank manufacturers

Foreign Secretary, Liz Truss said:

We are inflicting devastating economic pain on Putin and Russia following its unprovoked and illegal invasion of Ukraine.

Today’s unprecedented package of sanctions decisively delivers the highest economic cost we have ever imposed on the Kremlin.

Russia is now an international pariah on the world stage.

We will squeeze Putin’s regime and all those close to him responsible for its appalling attack on Ukraine.

We will not rest until Russia’s economy has been degraded and Ukraine’s sovereignty and territorial integrity restored.

We stand with Ukraine, its people and its democracy and will continue to support them economically, politically and defensively.

More follows

LEAVE A REPLY

Please enter your comment!
Please enter your name here