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• Published on 25 February 2022
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Foreign Secretary imposes UK’s most punishing sanctions to inflict maximum and lasting pain on Russia

Following the Prime Minister’s announcement to the House of Commons, Foreign Secretary Liz Truss has today outlined in full punishing new sanctions that will devastate Russia’s economy and target Putin’s inner circle.

Following its illegal invasion of Ukraine the sanctions will ban Russia’s economically vital industries and companies from raising finance on the UK’s money markets – the most important financial centre in Europe.

They will also stop Russian banks, state and privately owned companies borrowing billions of pounds from UK lenders.

At the same time severe restrictions will hammer Russia’s leading defence companies and significantly degrade Russia’s economic and military development.

The sanctions will also have an immediate impact on Russia’s wealthy elite and Putin’s inner circle including his former son-in-law.

Alongside the financial measures, we will substantially strengthen trade restrictions – including our toughest export controls against Russia – hitting its electronics, telecoms and aerospace companies. And Russia’s flagship airline Aeroflot will be banned from the UK’s airspace.

Under new banking restrictions all Russians will be banned from having significant savings in UK bank accounts.

The UK’s sanctions against 120 businesses and oligarchs are part of a concerted strike against the Putin regime carefully co-ordinated with our international allies including the US, the EU, and other G7 partners.

The UK will also issue decisive sanctions against Belarus for its part in the wholly unjustified attack on Ukraine.

Among today’s targets are:

• VTB, Russia’s second-largest bank with assets totalling £154bn and 95,000 employees

• Rostec, Russia’s biggest defence company which exports more than £10bn of arms as year and employs two million people

• five of Putin’s inner circle including his ex son-in-law Kirill Shamalov, previously married to his daughter Katarina and Russia’s youngest billionaire

• Tactical Missile Corporation, Russia’s leading supplier of air and sea missiles which played a leading role in its build up of forces against Ukraine

• Uralvagonzavod, one of the world’s largest tank manufacturers  Read more.

Re-disseminated by The Asian Banker