UK Announces Largest And Most Severe Sanctions Against Russia

Prime Minister of the United Kingdom, Boris Johnson has announced the largest and most severe package of economic sanctions that Russia has ever seen as he seeks to punish Vladimir Putin for ordering an invasion of Ukraine.

The new sanctions against Russia which UK PM Boris Johnson announced at the UK parliament include;

  • An intention to impose asset freeze on all major Russian banks, including immediately against VTB, the second largest bank with assets totalling £154 billion.
  • Legislation to be introduced and come into force on Tuesday to prohibit the ability of all major Russian companies to raise finance on the UK markets and to ban the Russian state from raising sovereign debt on the UK markets.
  • Individual sanctions against more than 100 individuals, entities and subsidiaries including Rostec, Russia’s biggest defence company said to employ more than two million people with exports of more than £10 billion of arms each year.
  • Sanctioning five extra Oligarchs thought to be particularly close to the Kremlin:
  • Kirill Shamalov, Russia’s youngest billionaire formerly married to Mr Putin’s daughter Katerina Tikhonova.
  • Pyotr Fradkov, the head of sanctioned Promsvyazbank, and son of former head of FSB.
  • Denis Bortnikov, the deputy president of VTB bank.
  • Yury Slyusar, the director of United Aircraft Corporation, one of major defence organisations which is also being sanctioned.
  • Elena Georgieva, the chair of the board of Novikombank, which bankrolls Rostec.

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