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Russia-Ukraine crisis: UK joins West to impose sanctions on Putin, Lavrov

Any UK-based assets of the leaders will be frozen immediately

Published: Sat 26 Feb 2022, 2:30 PM

  • By
  • Prasun Sonwalkar

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File photo

The Boris Johnson government on Saturday joined the United States, European Union and Canada to free assets and impose other economic sanctions on Russian President Vladimir Putin and foreign minister Sergey Lavrov, with both blocked from any future business in the UK.

Officials said this is the “third wave of punishing sanctions” in four days as the UK strategically coordinates with international allies to impose a severe cost on Putin and his regime.

The new sanctions, which are targeted personally at Putin and Lavrov, will see any UK-based assets frozen immediately and UK companies will be barred from providing goods, services or assets to them in future.

Foreign Secretary Liz Truss said: “These new sanctions send a clear message that nothing and no one is off the table. These measures reflect the horror and gravity of what Putin and his regime has done, violating the territorial integrity of a sovereign nation with an illegal and unjustified invasion”.

The announcement follows a sweeping package of financial sanctions targeting Russian banks, oligarchs and key strategic businesses, as well as territorial sanctions and restrictions on sovereign debt announced on Tuesday.

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Previous sanctions announced as part of the UK package include:

- Assets of all Russian banks frozen including a full asset freeze on VTB. Co-ordinated with the US, this is the single biggest financial sanction in history. Individuals and companies whose assets are frozen will be unable to undertake any business in the UK or with UK nationals.

- Russian companies will be prevented from borrowing on the UK markets, effectively ending the ability of those companies closest to Putin to raise finance in the UK. This is in addition to banning the Russian state itself from raising funds in the UK, as previously announced.

- Designated banks will be prevented from accessing Sterling and clearing payments through the UK. Banks subject to this measure will be unable to process any payments through the UK or have access to UK financial markets.

- A ban on the export of a range of high-end and critical technical equipment and components in sectors



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