UK imposes package of sanctions on Russia in response to Ukraine invasion

The prime minister told the House of Commons they were “the largest and most severe package of economic sanctions that Russia has ever seen”.

Boris Johnson announced 10 measures the UK was taking immediately. The assets of all major Russian banks in the UK will be frozen, including VTB, the country’s second largest bank with assets totalling £154bn.

Individual sanctions will be imposed on over 120 individuals, entities and subsidiaries, including Rostec, the country’s biggest defence company, which exports £10bn in arms a year, as well as four other defence companies.

Full list of planned sanctions

1. An asset freeze on all major Russian banks, including VTB, the country’s second largest bank, which has assets of £154bn.

2. Legislation will be introduced to parliament on Tuesday, 1 March that will prohibit the ability of all major Russian companies to raise finance on UK markets, and for the Russian state raise sovereign debt on UK markets. The aim is to pass the legislation in one day.

3. A set of individual sanctions on over 100 individuals, entities and subsidiaries, when also counting the measures unveiled on Tuesday. The new targets include the Russian state-owned defence giant Rostec, its subsidiaries, and a group of oligarchs seen as particularly close to the Kremlin.

More people will be named in the weeks to come. The individuals will be banned from all UK transactions – meaning those with children in UK private schools will be unable to pay future fees. Relatives will not, however, be sanctioned personally.

4. Immediately ban the ability of Russian airline Aeroflot to land in the UK.

5. An immediate suspension of all dual-use export licences to Russia. This covers items that could have a civilian or military use, such as electrical components and truck parts.

6. In the coming days, legislation to prohibit a wide range of hi-tech exports, and the export of equipment connected to extracting oil and gas. This is being done in concert with the US.

7. Looking into a way to limit the amount of deposits Russian nationals can hold in UK bank accounts, including £50,000 limits on bank accounts.

8. A plan to work with allies to shut off Russia’s access to the Swift international banking system. This would have a major impact but can only be done effectively if other countries agree.

9. Extending the full range of sanctions to Belarus, given the integration of the nations’ military forces.

10. The UK’s economic crime bill, which will strengthen areas such as Unexplained Wealth Orders (UWO), will be brought forward. On Wednesday Boris Johnson had told MPs the bill would not be brought to the Commons this parliamentary session.

The UK government said it would set out more detail in the coming days about new legislation to limit the deposits that all Russian nationals can hold in UK bank accounts to £50,000, intended to choke off the ability of Russians to raise finance and keep their money in London. The details have to be decided next week, and also whether this will cover dual nationals.

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