Boris Johnson will urge Western leaders to step up sanctions against Russia – as ministers warned that Vladimir Putin will face ‘maximum pain’ if he presses ahead with a full-scale invasion of Ukraine.
To make the case against Russia’s president and his cronies, the Prime Minister will host a virtual summit with G7 leaders including Joe Biden and Emmanuel Macron.
Liz Truss stated that British officials have compiled a “long list” of Russian oligarchs, and companies who will be subject to sanctions should the Kremlin order its troops into Ukraine.
According to the Foreign Secretary, Britain will work with Western allies in order to inflict maximum pain on Putin’s regime.
Boris Johnson will urge Western leaders to step up sanctions against Russia – as ministers warned that Vladimir Putin will face ‘maximum pain’ if he presses ahead with a full-scale invasion of Ukraine
Russian President Vladimir Putin attended a wreath-laying ceremony at the Tomb of the Unknown Soldier, Alexander Garden of the Moscow Kremlin.
According to reports, ministers have plans in place to target Russian defense and chemical firms, stop Russian borrowing on UK financial markets and block Russia’s access to the Swift payment system. This account accounts for approximately half of high-value international payments.
After Putin sent in troops in support of separatists in Ukraine, the Government was criticised for placing sanctions only on three oligarchs. Five banks were also targeted by sanctions.
Johnson said that there is more to come, and there are measures that will “hit Putin wherever it hurts”.
The Eurocrats struck at Putin’s heart and agreed to some of the most severe sanctions ever imposed on the bloc.
To make the case against Russia’s president and his cronies, the Prime Minister will host a virtual summit with G7 leaders including Joe Biden and Emmanuel Macron.
Ambassadors agreed that more than 500 individuals were linked to the Kremlin’s invasion in Ukraine would be subject to asset and travel freezes.
It includes high-profile figures such as Sergei Shoigu the defence minister, Anton Vaino Putin’s chief spokesman, and Maria Zakharova Maria Zakharova, fiery foreign ministry spokesperson.
The White House stated that Mr Biden allowed sanctions to be imposed on the Russian-to-Germany Nord Stream 2 pipeline, and the chief executive of the company.
Germany announced Tuesday that it would suspend the project indefinitely after Biden claimed Putin had started ‘the beginning a Russian invasion against Ukraine’.
Although the pipeline is completed, it has yet to start operating.
British MPs demanded action against 35 Russian oligarchs named by Alexei Navalny, Russian opposition leader, as being ‘key enablers of Putin’s “kleptocracy”.
Only one of the 35 – oil baron Gennady Timchenko – has so far been sanctioned by the UK.
Other names on the list include Roman Abramovich, Chelsea FC owner, and Alisher Usmanov, former Arsenal FC investor.
Miss Truss did not say whether Mr Abramovich might be the subject of sanctions. However, she suggested that other oligarchs could also be affected.
According to her, “We have a long-list of complicit parties in the Russian leadership’s actions,” she stated.
“Should Russia not withdraw its troops, then we have the ability to keep up the heat by targeting more elites, banks and businesses of significant importance.
“This is about inflicting hurt on Putin and degrading Russian economic systems over time. It targets people who are near to Putin. It is important to make the situation as severe as possible.
Johnson met with City officials to discuss ways to clamp down on Russian companies and people who have links to the Kremlin.
If Putin pushes for a complete invasion, Mr Johnson will likely urge Joe Biden of the United States to increase sanctions against Russia.
The PM informed the Commons that the government was “bringing forward” the next round of sanctions, which would’stop all Russian bank, all oligarchs and all Russian individuals raising funds on London markets.
The plans are being drawn up by Ministers for stopping the Kremlin’s borrowing from the UK Financial Markets.
Bob Seely (Tory MP) said that Russia’s ‘tide’ of dirty money was “damaging” the UK.
Labour leader Sir Keir Sterner said that it was now time to end the “era of impunity for oligarchs” and make sure that ‘this nation will not be homes for their loot.
Johnson recognized the incessant desire of some to get things done faster but stressed that coordination was essential on an international level.
“On all these steps it’s very important to keep in mind that they’re more efficient when all financial centers move forward together and that’s what the UK has been organizing,” he stated.