Prime Minister Boris Johnson has announced the new sanctions the UK is imposing on Russia in the wake of its attack against Ukraine.
Johnson confirmed the government would be enforcing 'massive' sanctions during a public address earlier today, February 24, after Russian president Vladimir Putin launched an invasion and began bombing cities in Ukraine. Russia's foreign ministry stated earlier today that Russia will respond to European and US sanctions in a 'tit-for-tat' manner, as per Russian news agency Ria.
The PM described the move to invade as a 'catastrophe' and said he is 'appalled by the horrific events in Ukraine', noting that Putin has chosen 'a path of bloodshed and destruction' and that the UK would 'respond decisively'. Following an emergency Cobra meeting this morning, Johnson has now announced the new sanctions the UK will impose.
During his address to the House of Commons, Johnson said: 'Putin will stand condemned in the eyes of the world, and in history.
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'In fact, he is hurling the might of his military machine against a free and peaceful neighbour in breach of his own implicit pledge and every principle of civilised behaviour between states', he continued. 'He will never be able to cleanse the blood of Ukraine from his hands. I'm driven to conclude that Putin was always determined to attack his neighbour, no matter what we did', he added before describing the Russian president as 'a blood stained aggressor who believes in imperial conquest'.
Outlining the sanctions, Johnson explained the UK along with the US would be imposing a full asset freeze on VTB bank, which has over £154bn in assets, and will be implementing stringent export controls. '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.'
The PM also explained he will be working with G7 and NATO allies to cut off Russia's access to the SWFIT payment system, as well as aiming to suspend the use of export licences to Russia and introduce legislation that will stop Russian companies raising money on UK markets.
The sanctions will also be applied to Belarus for its role in today's invasion.
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The PM said 'we will continue on a remorseless mission to squeeze Russia from the global economy day-by-day and week-by-week' as the UK 'condemn[s] the onslaught against Ukraine'.
Johnson earlier explained that financial sanctions are being coordinated with the UK's international allies, and previously stressed the sanctions are designed to 'hobble the Russian economy'.
He also called for the west to end its dependence on Russian oil and gas 'that for too long has given Putin his grip on western politics.'
In his address to the public earlier today, the PM added: 'Our mission is clear; diplomatically politically, economically, and eventually, military, this hideous and barbaric venture of Vladimir Putin must end in failure'.
News of the new sanctions comes after European President Ursula von der Leyen announced the EU will restrict Russia’s access to critical technology and other markets as part of its response to Putin's invasion.
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As cited by Politico, she said: 'We will target the strategic sectors of the Russian economy by blocking the access to technologies and markets that are key for Russia. We will freeze Russian assets in the European Union and stop the access of Russian banks to European financial markets. These sanctions are designed to take a heavy toll on the Kremlin’s interests and their ability to finance war.'
In the US, President Joe Biden is laying out measures which are expected to block Russia from advanced technology, restrict large financial institutions and sanction additional members of Putin's inner circle, CNN reports.
Biden's announcement comes after he had a phone call with Ukrainian President Volodymyr Zelensky shortly after Russia unleashed its first strikes on Ukraine.
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In a statement after the call, the US president said Zelensky asked him to 'call on the leaders of the world to speak out clearly against President Putin's flagrant aggression, and to stand with the people of Ukraine.'
Johnson has assured Ukrainian residents that the UK is on their side.
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Topics: Boris Johnson, Politics, Russia, Ukraine, Vladimir Putin
