UK tightens sanctions against Russia in concert with US and EU
February 28, 2022, 8:53 am

UK tightens sanctions against Russia in concert with US and EU

Stand with Ukraine protests (File photo: Euromaidan Press Facebook page)

The National Post reported, citing Reuters, Britain said on Monday it was taking further measures against Russia in concert with the United States and European Union, effectively cutting off Moscow’s major financial institutions from Western financial markets.

Britain banned any British entities from undertaking transactions with the Russian central bank, finance ministry and wealth fund, and said it would prevent Russian companies from issuing transferable securities and money market instruments in the United Kingdom.

The government said:“The UK Government will immediately take all necessary steps to bring into effect restrictions to prohibit any UK natural or legal persons from undertaking financial transactions involving the CBR, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation.”

Britain said it would have “a power to prevent designated banks from accessing Sterling and clearing payments through the UK.”

Finance minister Rishi Sunak said: “These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine.”

UK-London-Banking district (File photo: Pixabay)

Bank of England Governor Andrew Bailey said: “The Bank of England continues to take any and all actions needed to support the Government’s response to the Russian invasion of Ukraine.”

Britain said that the new sanctions also include further restrictions against Russian financial institutions and a set of measures to strengthen trade restrictions against Russia. More designations will be announced this week.

Russian President Vladimir Putin used an early morning address to the nation on Feb. 24 to order “a special military operation” against Ukraine just three days after recognizing two Russian-backed rebel regions of Ukraine.

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Putin put Russia’s nuclear deterrent on high alert on Sunday in the face of a barrage of Western-led reprisals for his war on Ukraine, which said it had repelled Russian ground forces’ attempts to capture urban centers.

Source: nationalpost

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Upon arriving to participate in the summit of the European Political Community, which includes around forty heads of state in Budapest, he said, "I look forward to sitting with the elected U.S. president and seeing how we will collectively ensure we meet challenges, including the threats from Russia and North Korea." He also noted that the strengthening of ties between Russia and North Korea poses a threat to the United States as well, according to reports from Agence France-Presse.

Before Trump's victory, Rutte expressed confidence that a united Washington would remain part of the defensive alliance, even if Trump became the 47th president of the United States. In an interview with German public broadcaster ZDF last Monday night, he stated that both Republicans and Democrats understand that NATO serves not only the security of Europe but also that of America. He added that both candidates are aware that the security of the United States is closely tied to NATO.

On Wednesday, NATO congratulated Trump on his victory but did not address the Ukrainian issue.

It is noteworthy that the relationship between the elected U.S. president and the defense alliance was not the best during his first term in the White House. Trump criticized NATO member states multiple times and even hinted at withdrawing from the alliance unless they increased their financial contributions.

Additionally, the issue of the Russian-Ukrainian war is one of the matters that complicate relations between the two sides, especially since Trump has repeatedly stated that he can end this ongoing conflict, which began in 2022, quickly. He implied that he had a peace plan between Kyiv and Moscow, while his vice president, JD Vance, revealed aspects of that plan, which stipulated Ukraine's commitment not to join NATO, thereby sending reassuring signals to the Russians.

Furthermore, many NATO member states in Europe fear that Trump might halt military aid to Ukraine after he previously criticized the U.S. for pouring funds into supporting Ukrainian President Volodymyr Zelensky.