Featured Image Credit: Alamy
Topics: World News, Russia, Ukraine, Joe Biden, Boris Johnson
Shola Lee
Russia is preparing a package of retaliatory sanctions following yesterday's announcements of sanctions from countries across the world.
The US, UK and European Union all imposed tough economic sanctions on Russia in the wake of President Vladimir Putin's order to invade Ukraine yesterday, February 24.
Now, according to Dmitry Peskov, the Russian presidential spokesman, a package of retaliatory sanctions has been prepared.
Advert
Peskov said, 'Of course, we will follow up with retaliatory measures,' and noted that Moscow is aware of the West's weaknesses, as per Sky News,
He added that the restrictions still needed to be analysed but that 'during this analysis, the main concern will be our own interests. That is, we will act solely based on our own interests', according to the TASS news agency.
The news comes after Western and global leaders announced a wave of some of the toughest sanctions ever imposed.
UK Prime Minister Boris Johnson told the House of Commons that the government would impose 'the largest and most severe package of economic sanctions that Russia has ever seen'.
The sanctions are set to exclude major Russian banks from the UK's financial system, with Russian oligarchs also being targeted, as per the BBC.
In addition, Russia's national airline, Aeroflot, will be banned from landing in the UK.
Johnson also said that the G7 group of world leaders is working together to 'maximise the economic price that Putin will pay for his aggression'.
Following a meeting with fellow G7 leaders, US President Joe Biden gave a public address yesterday to explain the US sanctions against Russia.
Biden said, 'We have purposely designed these sanctions to maximise the long term impact on Russia and to minimise the impact on the United States and our allies.
'We have now sanctioned Russian banks that together hold around one trillion dollars in assets,' Biden added.
He went on to say that the US will be 'adding names to the list of Russian elites and their family members that we're sanctioning as well'.
There was criticism in the days leading up to the Russian invasion, with some arguing sanctions were not being imposed fast enough and didn't go far enough.
The new sanctions are set to hit Russia harder, with leaders in the West continuing to extend their support to Ukraine.
If you would like to donate to the Red Cross Emergency Appeal, which will help provide food, medicines and basic medical supplies, shelter and water to those in Ukraine, click here for more information