UK joins US, EU to announce new sanctions against Central Bank of Russia amid invasion

The UK government on Monday joined the US and the EU to announce new sanctions against Russia’s central bank. According to a press note, the United Kingdom banned British people and businesses from making transactions with the Russian central bank, its finance ministry and its wealth fund. The government said that the move is designed to cut off Moscow’s major financial institutions from Western markets. 

In a statement, UK Chancellor Rishi Sunak said, “These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine.”

“We are announcing this action in rapid coordination with our US and European allies to move in lock step once more with our international partners, to demonstrate our steadfast resolve in imposing the highest costs on Russia and to cut her off from the international financial system so long as this conflict persists,” he added. 

As per the press release, the government has stated that its package of sanctions will devastate Russia’s economy and target Russian President Vladimir Putin directly. It would also target the Kremlin leader’s inner circle, including Russian Foreign Minister Sergey Lavrov. It said that the UK government intends to make “further related designations” this week, alongside the US and the EU.   

'Next 24 hours crucial for Ukraine'

Meanwhile, this comes after Ukraine on Sunday agreed to meet the representatives of Russian President Vladimir Putin in Belarus. It also comes after Ukrainian President Volodymyr Zelensky on Sunday (local time) spoke with UK Prime Minister Boris Johnson and Polish President Andrzej Duda and agreed on further joint steps to counter the "aggressor". With Russia already rounding up major cities in Ukraine, Zelensky told UK Prime Minister Boris Johnson over telephone that the "next 24 hours are crucial for Ukraine".

According to Downing Street's statement, “President Zelensky said he believed the next 24 hours was a crucial period for Ukraine, and the prime minister said he would do all he could to help ensure defensive aid from the UK and allies reached Ukraine.”

(Image: AP)