PM Johnson unveils UK's largest-ever sanctions against Russia & More News Here

LONDON, Feb 24 (Reuters) – Prime Minister Boris Johnson unveiled Britain’s largest-ever package deal of sanctions against Russia on Thursday, focusing on banks, members of President Vladimir Putin’s closest circle and rich Russians who get pleasure from high-rolling London life.

Western nations are coordinating motion to impose powerful sanctions against Russia in response to its all-out invasion on neighbouring Ukraine by staging missile strikes on cities and pouring its troops into the nation. learn extra

Speaking to Parliament simply hours after Putin declared warfare with Ukraine, Johnson mentioned the Russian chief can be condemned by the world and by historical past for his invasion, by no means capable of cleanse the “blood of Ukraine from his hands”.

“This hideous and barbarous venture of Vladimir Putin must end in failure,” he informed parliament when saying the brand new sanctions, saying a which noticed sanctions being imposed on greater than 100 Russian people and entities. learn extra

“For our part today the UK is announcing the largest and most severe package of economic sanctions that Russia has ever seen.”

After the West was criticised for earlier, weaker sanctions this week in response to Russia recognising two breakaway republics in Ukraine, Johnson mentioned leaders had agreed to work collectively to “maximise the economic price” Putin pays.

A authorities official mentioned the coordinated sanctions would knock share factors off the Russian economic system within the subsequent 12 to 18 months.

END OF LONDONGRAD?

In the 10-point sanctions package deal, the British authorities mentioned it could impose an asset freeze on some main Russian banks, together with state-owned VTB, its second-biggest financial institution, and cease main Russian corporations from elevating finance in Britain.

“Sanctions have been a reality for us over the past few years, and another round of politically motivated anti-Russian sanctions came as no surprise,” VTB mentioned in an announcement.

“We have had time to learn the lessons and prepare for the most severe scenario, we have worked through several plans to counter the sanctions in ways which minimise the negative consequences for our clients.”

Since the autumn of the Soviet Union three many years in the past, London’s capital markets have been the favoured vacation spot for Russian corporations searching for to lift cash outdoors Moscow.

Among the individuals focused by the second wave of sanctions included Kirill Shamalov, Putin’s as soon as son-in-law.

Pyotr Fradkov, chairman of Promsvyazbank, was additionally underneath sanctions. The finance ministry has accused Fradkov of working to rework the financial institution into one which serves the defence trade.

Britain will even ban Russia’s flagship airline Aeroflot from touchdown in Britain, droop twin export licences to Russia and ban exports of some excessive tech exports and elements of the extractive trade.

Johnson additionally went additional than another Western international locations, calling for Russia to be excluded from SWIFT, the inter-bank messaging community which is the spine of worldwide finance – a requirement made by Ukraine.

At house, officers mentioned the sanctions had been geared toward stopping rich Russians from utilizing London, typically dubbed ‘Londongrad’ or Moscow-on-Thames, as their playground, decreasing their skill to retailer giant quantities of money in Britain’s banks.

“These are people who have international lifestyles,” a diplomatic supply mentioned. “They come to Harrods to shop, they stay in our best hotels when they like, they send their children to our best (fee-paying) schools, and that is what’s being stopped.”

Reporting by Kylie MacLellan, Elizabeth Piper, Andrew MacAskill and William James; writing by Elizabeth Piper and Michael Holden; enhancing by Guy Faulconbridge, William Schomberg, Alistair Bell and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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