Ukraine: Dominic Raab hails UK economic sanctions on Russia
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Deputy Prime Minister Dominic Raab praised the decline in the Russian ruble as Western sanctions begin to impact Russia effectively. The Russian central bank has doubled the interest rate and their stock markets closed. Mr Raab explained that it could be disastrous for Europeans and Ukrainians but Russians would be hit the hardest, and this is the plan intended to stop Vladimir Putin’s continuation of the bloody invasion of neighbouring Ukraine.
Mr Raab told the BBC: “Stout and courageous defence, this is also having on those young Russian conscripts.
“And of course, the sanctions that we have, with our allies the US and others imposed has seen the biggest fall in the Russian stock market, ever!
“The ruble hitting record lows against the dollar and the Russian central bank doubling its interest rates.
“So we’ve always said this would be catastrophic for Ukraine and Europe, but it’s also disastrous for Russia and the Russian people.
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Mr Raab added: “And our beef if you like, is with President Putin, and we want his misadventure in Ukraine to fail.
“I think what you’re seeing, what you’ve described is Putin’s attempt to rest the initiative and we can expect for every stutter and stumble, him to try and come back with even more heavier-handed tactics.
“But that is a sign that the initial phase at least and this is going to be a long haul, has not lived up to his expectations.
“And everyone including the Russian people can see that.”
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Foreign Secretary Liz Truss has been announcing various lists of sanctions against Putin and his connections.
On Monday, Ms Truss told the Commons: “We have already put in place the largest package of sanctions in our history.
“We have sanctioned Putin and Lavrov, Russia’s defence industry and a growing list of oligarchs. We have approved asset freezes on several Russian banks. We are banning Russian airlines and private jets from our airspace.
“But we are determined to go much, much further. We want a situation where they can’t access their funds, their trade can’t flow, their ships can’t dock and their planes can’t land.
“Today, I can inform the House that I will be laying two new pieces of sanctions legislation. The first introduces a set of new powers against Russia’s financial sector.
“It includes powers to prevent Russian banks from clearing payments in sterling. With over 50% of Russian trade denominated in dollars or sterling, our coordinated action with the United States will damage Russia’s ability to trade with the world.
“And as soon as this legislation comes into force we will apply it to Sberbank – Russia’s largest bank. I will also be imposing a full asset freeze on three further banks, VEB – Russia’s national development bank, SovComBank the third-largest privately-owned financial institution in Russia, and Otkritie, one of Russia’s largest commercial banks.
“We will bring in a full asset freeze on all Russian banks in days, looking to coordinate with our allies. This same legislation will prevent the Russian state from raising debt here.
“And it will isolate all Russian companies – that’s over three million businesses – from accessing UK capital markets.”
Ms Truss’ sanctions are already hitting Russia hard, images posted on social media uploaded by Russian citizens at cash machines show that certain banks are already running out of money.
Chief executive at consultancy firm Micro-AdvisoryChris Weafer told the BBC: “This set of sanctions is hitting ordinary Russians to an extent that previous sanctions have not and people are now becoming aware of that.
“People are a lot more fearful.
“There is already talk about some companies having to either go on reduced working hours, or even suspend production because they’re not able to access maybe key parts from the West due to sanctions or due to trade limitations, so there’s a great deal of concern on the street.”
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