UK unveils further sanctions targeting Russian Central Bank

ANKARA

The UK on Monday unveiled new sanctions targeting the Russian Central Bank, following already announced ones aimed at imposing “severe consequences” on the Russian economy.

"The UK Government will immediately take all necessary steps to bring into effect restrictions to prohibit any UK natural or legal persons from undertaking financial transactions involving the Russian Central Bank, the Russian National Wealth Fund, and the Russian finance ministry," a government statement said.

"These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine," Rishi Sunak, the chancellor of the exchequer, said.

This action is being taken “in rapid coordination with our US and European allies,” he said.

Also commenting on the sanctions, Andrew Bailey, the governor of the Bank of England, said the bank continues to take any and all actions needed to support the government’s response to Russia’s military operation in Ukraine.

"This as an important and powerful demonstration of the UK’s commitment to the international rule of law."

“More than 100 companies and oligarchs at the heart of (Russian President Vladimir) Putin’s regime have been hit with sanctions worth 100s of billions of pounds, asset freezes and travel bans,” according to the statement. 

The sanctions will hit Russia’s banking and defense sector hard – asset freezes on VTB, Russia’s second largest bank, worth £154 billion ($206 billion); Rostec, Russia’s defense giant, responsible for $13 billion of arms exports per year, it said. 

The sanctions will also soon be implemented on “571 members of the Duma and Federation council who sanctioned the invasion of Ukraine,” the statement added.

ANKARA

The UK on Monday unveiled new sanctions targeting the Russian Central Bank, following already announced ones aimed at imposing “severe consequences” on the Russian economy.

"These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine," Rishi Sunak, the chancellor of the exchequer, said.

This action is being taken “in rapid coordination with our US and European allies,” he said.

"This as an important and powerful demonstration of the UK’s commitment to the international rule of law."

The sanctions will also soon be implemented on “571 members of the Duma and Federation council who sanctioned the invasion of Ukraine,” the statement added.