Latest News

West shunts Russian money out into the cold, Britain says

© Reuters. FILE PHOTO: A Russian state flag flies over the Central Bank headquarters in Moscow, Russia March 29, 2021. A sign reads: “Bank of Russia”. REUTERS/Maxim Shemetov/File Photo

By Guy Faulconbridge and William James

LONDON (Reuters) – Britain said on Monday it was taking further measures against Russia in concert with the United States and European Union, effectively cutting off Moscow’s major financial institutions from Western financial markets.

Britain banned any British entities from undertaking transactions with the Russian central bank, finance ministry and wealth fund, and said it would prevent Russian companies from issuing transferable securities and money market instruments in the United Kingdom.

“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 government said.

Britain said it would have “a power to prevent designated banks from accessing Sterling and clearing payments through the UK.”

“These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine,” finance minister Rishi Sunak 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,” Bank of England Governor Andrew Bailey said.

The new sanctions also include further restrictions against Russian financial institutions and a set of measures to strengthen trade restrictions against Russia. More designations will be announced this week, Britain said.

Russian President Vladimir Putin used an early morning address to the nation on Feb. 24 to order “a special military operation” against Ukraine just three days after recognising two Russian-backed rebel regions of Ukraine.

Putin put Russia’s nuclear deterrent on high alert on Sunday in the face of a barrage of Western-led reprisals for his war on Ukraine, which said it had repelled Russian ground forces’ attempts to capture urban centres.

West stiffens sanctions on Russian central bank, Britain says

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

You may also like

Leave a reply

Your email address will not be published.

More in Latest News