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Five ways we have hit Vladimir Putin’s economy: From action against banks to ban on raising debt, how the West has helped cripple Russian business
- Western allies, including UK, announced measures aimed at Russia’s economy
- Russia’s central bank targeted to stop selling its $630b chest of foreign reserves
- Britain and the United States have banned transactions with the central bank
Britain and its Western allies have announced a string of measures aimed at Russia’s economy.
Firstly, they are targeting Russia’s central bank.
The US, UK, Canada, France, Germany, Italy and the European Commission have said they will stop the bank selling its $630billion war chest of foreign reserves.
Britain and its Western allies have announced a string of measures aimed at Russia’s economy. Firstly, they are targeting Russia’s central bank (pictured)
This has left the rouble in freefall, stoking inflation and making Russians poorer.
The central bank has raised interest rates from 9.5 per cent to 20 per cent.
Britain and the US have also banned transactions with the central bank, finance ministry and wealth fund.
Secondly, Britain, the US, the EU and Canada said ‘selected’ Russian banks would be removed from the Swift payments system.
It is thought this means 70 per cent of the nation’s main banks.
Thirdly, Foreign Secretary Liz Truss yesterday said there would be a full asset freeze on all Russian banks in days.
The UK has stopped certain banks from processing payments in London.
Thirdly, Foreign Secretary Liz Truss (pictured) yesterday said there would be a full asset freeze on all Russian banks in days
Fourthly, the UK has barred Russia from raising debt here through the sale of government bonds. Lastly, trade has been hit.
Russian airlines and private jets have been banned from UK and EU airspace.
The UK and EU have banned a wide range of exports of high-tech goods to Russia, including semiconductors, computers, sensors and defence equipment.