UK Imposes More Sanctions on Russia As Ukraine Ceasefire Talks Start

Today, the UK government has announced its intention to take further restrictive economic measures in response to the invasion of Ukraine by Russia, by targeting the Central Bank of the Russian Federation (CBR).

Following already announced sanctions measures aimed at imposing severe consequences on Russian President Vladimir Putin and the Russian economy, the Chancellor of the Exchequer, in coordination with the Governor of the Bank of England, on Monday announced the UK Government’s intention to take further restrictive economic measures.

UK’s Chancellor of the Exchequer, Rishi Sunak, said this action is taken in concert with the US and the European Union, to prevent the CBR from deploying its foreign reserves in ways “that undermine the impact of sanctions imposed by us and our allies, and to undercut its ability to engage in foreign exchange transactions to support the Russian rouble”.

Sunak said 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 CBR, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation.

“The UK Government intends to make further related designations this week, working alongside our international partners.”

The Chancellor added: “These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine. We are announcing this action in rapid coordination with our US and European allies to move in lock step once more with our international partners, to demonstrate our steadfast resolve in imposing the highest costs on Russia and to cut her off from the international financial system so long as this conflict persists.”

The Governor of the Bank of England said: “The Bank of England continues to take any and all actions needed to support the Government’s response to the Russian invasion of Ukraine. We welcome the steps taken today by the UK Government, in coordination with EU and US authorities, as an important and powerful demonstration of the UK’s commitment to the international rule of law.”

Ceasefire talks begin

Reuters reported on Monday that Russian and Ukrainian officials met on the Belarusian border to discuss a ceasefire while invading Russian forces met with determined resistance from Ukrainian troops and civilians on a fifth day of conflict.

Russia faced deepening isolation and economic turmoil as Western nations, united in condemnation of its assault, hit it with an array of sanctions.

But Russian leader Vladimir Putin did not appear ready yet to think again about the invasion he unleashed on Russia’s western neighbour last Thursday, having dismissed the West as an “Empire of Lies” and put his nuclear-armed units on high alert.

In the northeastern city of Kharkiv, Ukraine’s second largest, Russian forces fired on residential areas on Monday, killing dozens and wounding hundreds of people, the Ukraine military said.