Five ways we have affected Vladimir Putin’s economy: from actions against banks to a debt ban, how the West has helped cripple Russian business
- Western allies, including the United Kingdom, announce measures aimed at Russia’s economy
- Russia’s central bank aims to halt the sale of its $ 630 billion reserves
- Britain and the United States have banned transactions with the central bank
Britain and its Western allies have announced a series of measures aimed at Russia’s economy.
First, they are aimed at Russia’s central bank.
United States, United Kingdom, Canada, France, Germany, Italy and the European Commission said it would stop the bank from selling its $ 630 billion foreign-backed military chest.
Britain and its Western allies have announced a series of measures aimed at Russia’s economy. First, they are aimed at the Central Bank of Russia (pictured)
This left the ruble free to fall, fueling inflation and making Russians poorer.
The central bank raised interest rates from 9.5% to 20%.
Britain and the United States have also banned transactions with the central bank, the Treasury and the Wealth Fund.
Second, Britain, the United States, the EU and Canada have said that “selected” Russian banks will be removed from the Swift payment system.
This is estimated to mean 70 percent of the country’s major banks.
Third, Foreign Minister Liz Trus said yesterday that in a few days there will be a complete freeze on the assets of all Russian banks.
The United Kingdom has stopped some banks from processing payments in London.
Third, Foreign Minister Liz Trus (pictured) said yesterday that in a few days there will be a complete freeze on the assets of all Russian banks
Fourth, the United Kingdom has banned Russia from raising debt here by selling government bonds. Finally, trade is affected.
Russian airlines and private jets are banned from accessing the airspace of the United Kingdom and the EU.
The United Kingdom and the EU have banned a wide range of high-tech exports to Russia, including semiconductors, computers, sensors and defense equipment.
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