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UK follows US in imposing sanctions on Moscow Stock Exchange

UK follows US in imposing sanctions on Moscow Stock Exchange
UK follows US in imposing sanctions on Moscow Stock Exchange

 


An electronic board with exchange rates at a currency exchange office is seen in traffic in Moscow, Russia.

An electronic board with exchange rates at a currency exchange office is seen in traffic in Moscow, Russia. | Photo credit: AP

The United Kingdom announced dozens of new sanctions on June 13 aimed at limiting Russia's war in Ukraine, including targeting Moscow's main stock exchange, a day after Washington announced similar measures.

London said the 50 new restrictions, which are part of “coordinated action with G7 partners” as leaders of the Western-led bloc meet in Italy, will affect Russia's financial system and suppliers who support its military production.

This follows Washington's announcement of a series of sanctions, including on the Moscow stock exchange and several subsidiaries, which raise the stakes for foreign banks still dealing with Russia.

This new major financial sanction, intended to complicate transactions of billions of dollars, prompted the stock market to suspend trading in dollars and euros on June 13.

The Russian Foreign Ministry said it would respond to the series of new “aggressive” US sanctions.

Prime Minister Rishi Sunak said the UK would “always stand with Ukraine in its fight for freedom”.

“Today, we are once again intensifying economic pressure through sanctions to curb Russia's ability to finance its war machine,” he added, as G7 leaders meet to their summit in southern Italy.

Russian President Vladimir Putin “must lose, and it is absolutely vital that we cut off his ability to finance a protracted conflict,” Mr. Sunak said in the statement.

Among the new British sanctions are the first sanctions against ships from Mr Putin's so-called shadow fleet, used by the Kremlin to circumvent Western restrictions on its oil exports.

They are also targeting suppliers of munitions, machine tools, microelectronics and logistics to the Russian military, Mr Sunak's Downing Street office said.

These suppliers include entities based in China, Israel, Kyrgyzstan and Turkey, as well as ships transporting military goods from North Korea to Russia.

London said it was also “working with its counterparts to agree a mechanism to pass extraordinary profits to Ukraine from stranded Russian sovereign assets.”

The White House said measures to help Ukraine using frozen Russian assets would be announced at the G7 summit.

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