Categories
AFNewsNG Logo
Around The World Special Report

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

TAIYE AKINLOTAN

Feb 28, 2022

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.

READ ALSO: Trump Speaks Out: Why U.S. May Join the Israel-Iran War | READ DETAILS

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

READ ALSO: Dr. Chima Anyaso Hosts Namibian Governor, Strengthens Africa's Economic Partnerships

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."

READ ALSO: How I Survived When Everyone Else Died" - Lone Survivor of Air India Crash Speaks

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.

READ ALSO: WHY Police Arrested Akon in Georgia Revealed: Full Details Emerge

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.

Related Stories

""

— TAIYE AKINLOTAN

Join the Conversation

Signed in as Member