Home Business NewsBusinessBanking News British government slap Putin with the ‘largest and most severe’ package of economic sanctions Russia ‘has ever seen’

British government slap Putin with the ‘largest and most severe’ package of economic sanctions Russia ‘has ever seen’

by Mark Fitt Political Journalist
24th Feb 22 5:18 pm

The British Prime Minister has told MPs in the House of Commons on Thursday afternoon that the UK are to slap Vladimir “Putin’s squalid venture” with a host of economic sanctions against Russia.

British government has slapped Russia with the “largest and most severe” package of economic sanctions Russia “has ever seen.”

Boris Johnson said the further sanctions include the full asset seizure of VBT Bank which has assets totalling £154bn.

Johnson told MPs, “These powers will enable us to totally exclude Russian banks from the UK financial system… stopping them from accessing Sterling and clearing payments through the UK.

“With around half of Russia’s trade currently in USD and Sterling, I’m pleased to tell the House that the United States is taking similar measures.”

Today Belarus fired four ballistic missiles into Ukraine and as a result Johnson said that sanctions will now be applied to Belarus.

Johnson added that the new restrictions and “stringent export controls, similar to those that they in the US are implementing.”

He told MPs that the newly imposed sanctions will mean “oligarchs in London have nowhere to hide.

“For all these measures to be successful it is vital that we have the unity of our partners, the unity of the G7 and other forum.

“Russian investors are already delivering their verdict on the wisdom of Putin’s actions and so far today Russian stocks are down by as much as 45%.”

He added, “We will continue on a remorseless mission to squeeze Russia from the global economy day-by-day and week-by-week.”

Sanctions against individuals, entities and their subsidiaries which include Rostec – Russia’s largest defence company and will look to immediately ban the Russian airline Aeroflot to land in the UK.

The British government will immediately suspend the use of export licences to Russia such as electrical components or parts of military trucks.

Johnson said that they will lay legislation “within days” which will stop a range of high tech exports heading to Russia.

The government will also look to bring  forward the Economic Crime Bill, which will take action against Russians who raise money in the UK.

Labour leader Sir Keir Starmer responded to Boris Johnson’s statement and said the UK must urgently reassure our NATO allies Europe “who now stand at the frontier of Putin’s aggression.”

Sir Keir, “The consequences of Putin’s war of aggression will be horrendous and tragic for the people of Ukraine, but also for the Russian people.

“We must prepare ourselves for difficulties here. The British public have always been willing to make sacrifices … and we will again.”

Former Prime Minister Theresa May said Russia should feel “the cold wind of isolation” after they launched a full scale invasion in Ukraine.

Speaking in the Commons May asked Johnson if the Russian people would “understand that Vladimir Putin has brought their state to a pariah state.”

He replied, “I do believe that will be the result of Putin and his cronies.”

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