Russia-Ukraine War: UK announces new sanctions, vows to ‘squeeze Russia from global economy’

London: British Prime Minister Boris Johnson on Thursday announced new sanctions against Russia over a military operation in Ukraine, saying Britain would aim to “squeeze Russia from the global economy”.

“We will continue on a vengeful mission of squeezing Russia into the pieces of the global economy, day after day and week after week,” Johnson told parliament.

“As part of the new sanctions package, the UK has imposed a complete freeze on VTB Bank assets. The UK has the powers to completely exclude Russian banks from the UK financial system, Johnson said. is taking similar measures,” he added.

Additionally, Russian state and private companies would be banned from raising funds in the UK. The amount of money Russian citizens can deposit in UK banks will also be limited.

“In total, the UK will impose an asset freeze on over a hundred new entities and individuals,” the prime minister said.

The UK is also banning the Aeroflot carrier from making flights to and from the country.

On top of the fiscal measures, the UK will join hands with the US and EU to introduce new sanctions and “tighter” export controls, including a complete ban on the export of all dual-use goods to Russia.

The restrictions will affect high-end tech products in sectors such as electronics, telecommunications and aerospace.


First published:February 24, 2022, 11:31 PM

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