Britain announced tough sanctions against Russian companies and banks on Thursday. Russian companies will no longer have access to British capital and Russian banks will no longer be allowed to do business in the country.
The government in London has also decided that Russian airline Aeroflot will no longer be allowed to fly to destinations in the UK. Russia is also only allowed to keep a limited amount of money in British banks and the assets of Russian banks and some people are frozen.
In addition, the UK imposed various export restrictions. This should ensure that Russia has less access to goods that could be used for military purposes. Technology, like chips, cannot simply be exported to Russia.
British Prime Minister Boris Johnson is currently consulting with other countries to also exclude Russia from SWIFT, the international system that allows interbank payments.
The new rules don’t just apply to Russian banks and companies. Belarus, which assisted Russia in its invasion of Ukraine, will also receive sanctions.
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