The British, EU and US governments slapped additional sanctions on
The British Prime Minister
- All major Russian banks operating in the
UK will have their assets frozen. Prime Minister Johnson specially namedVTB as one of the targeted banks, which saw its shares promptly plunge. -
All major Russian companies will be banned from raising finance in
London , cutting them off from the LSE and bond markets.London is the major venue for raising debt for most Eastern European companies. -
More than 100 individuals and entities will be specifically targeted with individual sanctions, including five more oligarchs as well as Russian defence giant Rostec and similar companies.
UK citizens will be banned from transacting with the targeted firms. -
The Russian national air carrier Aeroflot will be banned from operating in the
UK . -
All dual-use equipment export licences to
Russia are suspended, hitting Russia’s aviation and defence sectors. -
Mirroring the US sanctions, the
UK will also ban a number of high tech exports toRussia targeting items like semi-conductors and aircraft spare parts. -
A cap on the size of deposits Russian nationals can hold in
UK bank accounts will be introduced. The limit has not yet been set but it will be designed to target wealthy individuals. -
Johnson called for
Russia to be cut off from the SWIFT messaging system that would lock it out of the international money transfer system, although the British PM said this measure will co-ordinated with European allies, who are less keen on the idea. -
The
UK will extend all the planned measures applied toRussia toBelarus . -
The British government will accelerate its Economic Crime Bill that can be used punitively against wealthy Russians and also to prevent money laundering using, amongst other things, the
London property market.
Later the same day US President
“Putin is the aggressor; Putin chose this war, and now he and his country will bear the consequences,” Biden said.
Biden said four banks will be hit, including the state-owned retail banking giant
“Treasury is taking unprecedented action against Russia’s two largest financial institutions, Public Joint Stock Company Sberbank of
Biden said that more oligarchs close to Putin would be targeted and added to the SDN (Specially Designated Nationals) lists. However, when asked if Russian President
All of the top Russian politicians, including Russian Foreign Minister
Biden said the sanctions were designed to have a long-term impact on
Biden said the sanctions would “limit
"Putin's aggression against
In what is a co-ordinated effort, EU President
“We condemn this barbaric attack and the cynical arguments that are being used to justify it,”
Without giving details, the EU has prepared “massive and strategic” sanctions against
“These sanctions are designed to take a heavy toll on the Kremlin's interests and their ability to finance war. And we know that millions of Russians do not want war,” she said as cited by
Speaking alongside
For a more detailed discussion of the effect of sanctions on the Russian economy listen to the bne IntelliNews podcast with Elina Ribakova, deputy chief economist with the
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