In the wake of the Russian invasion of Ukraine, the UK has announced its biggest-ever economic sanctions against Russia. Prime Minister Boris Johnson unveiled Britain’s largest-ever package of sanctions against Russia on Thursday, targeting banks, members of President Vladimir Putin’s closest circle and wealthy Russians who enjoy high-rolling London lifestyles.
To begin with, it is banning Russian banks from the UK finance system, stopping them from accessing sterling and clearing payments through the UK. Russian companies will also be banned from raising funds in the UK, with the latter limiting the money Russians can deposit in UK banks.
Western nations are coordinating action to impose tough sanctions against Russia in response to its all-out invasion on neighbouring Ukraine. Russia has started to stage missile strikes on cities and pour its troops into the country.
Speaking to Parliament just hours after Putin declared war with Ukraine, Johnson said the Russian leader would be condemned by the world and by history for his invasion, never able to cleanse the “blood of Ukraine from his hands”.
“This hideous and barbarous venture of Vladimir Putin must end in failure,” he told parliament while announcing the new sanctions. The announcements saw sanctions being imposed on more than 100 Russian individuals and entities.
“For our part today the UK is announcing the largest and most severe package of economic sanctions that Russia has ever seen,” the PM said.
A government official said the coordinated sanctions would knock percentage points off the Russian economy in the next 12 to 18 months.
