UK with US & EU announce economic sanctions on Russia
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London: The United Kingdom's Exchequer and Bank of England on Monday announced the UK's plans of economic sanctions on Moscow, targeting its Central Bank of Russian Federation (CBR), PTI reported.
UK's Chancellor of the Exchequer, Rishi Sunak, said that the measures demonstrate our determination to apply severe economic sanctions in response to Russia's invasion of Ukraine. He added that the sanctions intend to cut Russia off from the international financial system as far as the conflict is alive, he said.
The move, aligned with the US and European Union (EU), is aimed to undermine CBR's efforts to rescue the falling Ruble by deploying foreign reserves.
Further, British citizens will be barred from making transactions with CBR, the Russian finance ministry and its wealth fund.
The UK administration said that it would roll out all the required measures shortly to implement the sanction procedures and prevent citizens from doing financial transactions with CBR, the Russian National Wealth Fund or the Ministry of Finance of the Russian Federation.
The Bank of England Governor Andrew Bailey said that the bank would take all actions to support the UK government's response to the Russian invasion. It welcomes the steps taken today by the UK government, in coordination with EU and US authorities, a commitment to the international rule of law, he said.
Further, UK's treasury said about plans to impose sanctions on Russian financial institutions. It will include measures to prevent Russian companies from issuing transferable securities and money market instruments in the UK. Earlier it had announced the planned prohibition on the Russian state raising sovereign debt in the UK. The treasury will grant power to prevent designated banks from accessing Pound Sterling and clearing payments through the UK.
Also, the UK Exchequer added its restrictions on trade against Russia. It would prohibit the export of a range of high-end and critical technical equipment and components in many sectors, including electronics, telecommunications, and aerospace.