UK tightens sanctions against Russia in concert with US and EU

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

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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Source: nationalpost

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