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UK government: sanctions will destroy Russia’s economy

According to London, over 100 companies and oligarchs, the core of Putin’s regime, suffered from sanctions worth 100bn pounds. 

UK government: sanctions will destroy Russia’s economy
Photo: EPA/UPG

The UK government has imposed new sanctions against the Russian Federation as a response to the aggression against Ukraine, according to the government’s website

In particular, sanctions are imposed against the Central Bank of Russia, the Russian National Welfare Fund and the Ministry of Finance of the Russian Federation.

According to the UK government, sanctions against the Central Bank should undermine its ability to conduct foreign exchange transactions to support the Russian ruble. 

The UK government has also restricted the power of Russian companies to issue securities and instruments in the country's financial market. It has banned the export of several high-quality and critical technical equipment and components in the sectors of electronics, telecommunications, and aerospace.

“Our package of sanctions - the strongest economic measures Britain has ever taken against Russia - will have devastating consequences for President Vladimir Putin and Russia," the government said in a statement. "Sanctions will destroy the Russian economy and are aimed directly at Vladimir Putin and his inner circle, including Sergei Lavrov. More than 100 companies and oligarchs who are the core of Putin's regime have suffered sanctions worth £ 100 billion over asset freezes and travel bans.”

The UK government has also announced that the country's parliament will consider laws banning Russia and Russian companies from raising money in Britain's money markets, Europe's most important financial center.

Earlier, the UK has imposed sanctions against several Russian banks, state defense enterprise “Rostech” and “Aeroflot”. 

The country's government has also announced measures to deal with the dirty money of Russian oligarchs.

The day before, the European Union had imposed sanctions against the Russian Central Bank.

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