The UK government has targeted the Central Bank of Russia (CBR) in new package of sanctions in response to the “Russian invasion of Ukraine.”.
The move, announced by the Chancellor of the Exchequer, in coordination with the Governor of the Bank of England, is taken “in concert with the US and the European Union”.
According to a statement, the move is implemented to prevent the CBR from “deploying its foreign reserves in ways that undermine the impact of sanctions imposed by us and our allies, and to undercut its ability to engage in foreign exchange transactions to support the Russian rouble.”
The UK Government has emphasised that it will ensure necessary steps to bring into effect “restrictions to prohibit any UK natural or legal persons from undertaking financial transactions involving the CBR, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation.
“The UK Government intends to make further related designations this week, working alongside our international partners.”
“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,” stated the UK Chancellor.
The Governor of the Bank of England, Andrew Bailey added that the bank continued to “take any and all actions needed” to support the British government’s response to the “Russian invasion of Ukraine.”
