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The UK on Monday said it would freeze the assets of all Russian banks over the invasion of Ukraine, tightening the international economic stranglehold on Moscow over its "unjustified aggression".
Foreign Secretary Liz Truss said the UK wants "a situation where they (Russia) can't access their funds, their trade can't flow, their ships can't dock and their planes can't land".
More than 50 percent of Russian trade is denominated in dollars or sterling and the new powers "will damage Russia's ability to trade with the world", she told parliament.
At the same time, British Transport Secretary Grant Shapps ordered all UK seaports to turn away Russian vessels, having already barred Russian aircraft, including oligarch jets.
Britain last weekend joined the United States and Western allies in preventing the Russian central bank's ability to use reserves to support the plummeting ruble.
And it also cut selected banks from the SWIFT international money transfer system, which Truss said was only the first step in a "total SWIFT ban".
As Truss spoke in parliament, the Treasury announced asset freezes on Russia's state development bank VEB, and commercial lenders Otkritie and Sovcombank, with the rest of the freeze to come into effect "in days", Truss said.
The sanctions add to those announced last week on a series of Russian banks, businesses, billionaires, President Vladimir Putin himself and his Foreign Minister Sergei Lavrov.
Three million businesses
The assets freeze on Russian banks will stop the Kremlin from raising debt in the UK and will prevent more than three million businesses from accessing UK capital markets, Truss said, also promising a ban on "high-end technological equipment such as micro-electronics, marine and navigation equipment".
Foreign Secretary Liz Truss said the UK was tightening the economic stranglehold over Russia because of its invasion of Ukraine
Foreign Secretary Liz Truss said the UK was tightening the economic stranglehold over Russia because of its invasion of Ukraine - PRU/AFP
"This will blunt Russia's military industrial capabilities and act as a drag on Russia's economy for years to come," she said.
UK broadcasting regulator Ofcom meanwhile said it had opened 15 new investigations into the "due impartiality" of state-funded Russian broadcaster RT since the invasion of Ukraine.
London (AFP)