The PM of the UK, Boris Johnson, declared that he is in discussion with G7 partners to impose the most severe sanctions against Russia.
As Russia’s aggression against Ukraine continues to mount, UK Prime Minister Boris Johnson on Monday announced that he is holding discussions with G7 partners to impose the most severe economic measures possible against Putin for his “offensive movement against Ukraine.”
In a tweet, Johnson informed that the UK government had imposed a new set of economic sanctions seeking to “further isolate Russia” from the global financial system. The additional penalties come after UK Foreign Secretary Liz Truss, on February 22, outlined 10 points barring private and state-owned companies in Russia from dealing in British markets.
We have further isolated Russia from the international financial system this morning. Working with our partners, and the G7, we are determined to impose the most severe economic measures possible against President Putin for his abhorrent campaign against Ukraine. Putin must fail.
— Boris Johnson (@BorisJohnson) February 28, 2022
According to a statement released by Downing Street on Monday,
the government declared that the targeted economic sanctions are expected to have “fierce consequences” on President Putin and the Russian economy. “The UK Government’s purpose of taking further restrictive economic measures in response to the aggression of Ukraine by Russia by targeting the Central Bank of the Russian Federation (CBR),” the statement said. The move has been taken in line with the US and the EU, “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,” the statement elucidated.
UK Chancellor of the Exchequer Rishi Sunak said in a statement,
“These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s aggression of Ukraine. We are declaring this action in immediate coordination with our US and European allies to move in lockstep once more with our global partners, to show our steadfast determination in imposing the highest costs on Russia and to cut it off from the international financial system so long as this conflict continues.”