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INVASION: UK Government Imposes More Sanctions On Russia | READ DETAILS

TAIYE AKINLOTAN

Feb 28, 2022

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Following Russia's invasion of Ukraine, the UK government has introduced new sanctions on the country. The added sanctions include; new restrictions on Russian financial institutions and a slew of trade restrictions.

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The additional sanctions come as Moscow's stock exchange prepares to launch amid an economic crisis and investor flight.

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According to the Finance minister Rishi Sunak, "These measures demonstrate our determination to apply severe economic sanctions in response to Russia's invasion of Ukraine."

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The Russian government, on the other hand, is concerned that when banks open and the stock market begins trading, there will be a run. In a desperate attempt to halt spiraling inflation and the currency's depreciation, Russia's central bank has more than doubled interest rates to 20%. Also, Russia's ruble fell by over 30% against the US dollar early Monday, but has since stabilized following the central bank's intervention.

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Western countries who have frozen Russia's hard currency reserves and barred banks from using the Swift global payment system will be relieved that the actions are having the expected economic destabilizing effect.

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— TAIYE AKINLOTAN

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