Ukraine invasion: Boris Johnson unleashes UK's 'largest set of sanctions ever' on Russia - Putin's former son-in-law targeted
In a televised address to the nation earlier on Thursday, Boris Johnson said Vladimir Putin has "unleashed war in our European continent" with a "hideous and barbaric venture" in Ukraine. He vowed Moscow will be hit with a "massive" package of sanctions.
Friday 25 February 2022 06:10, UK
Boris Johnson has hit Russia with what he called the "largest set of sanctions ever imposed anywhere by the UK government" - targeting individuals including President Vladimir Putin's former son-in-law.
Downing Street confirmed five further oligarchs who are particularly close to the Kremlin will be sanctioned, including Russia's once youngest billionaire and former husband of Vladimir Putin's daughter, Kirill Shamalov, the chairman and CEO of PSB bank Petr Fradkov, deputy president of VTB bank Denis Bortnikov, general director of United Aircraft Corporation Yury Slyusar and CEO of Novikombank Georgieva Elena Aleksandrovna.
Making a statement in the Commons, the prime minister said that more than 100 businesses and individuals will be tackled in total, including "all the major manufacturers that support Putin's war machine".
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Live updates as Putin authorises military operation
Mr Johnson added that there are also plans to introduce legislation that would limit the amount of deposits Russian nationals will be able to hold in UK bank accounts and to work with G7 and NATO allies to shut off the country's access to the SWIFT payment system.
The measures will come into force as soon as they are laid in parliament, which for some is likely to be as soon as next week.
Whitehall officials said they expected the economic impact of the collective sanctions to be significant, potentially knocking several percentage points off Russia's GDP over the next 12 months.
Meanwhile, European Union leaders also agreed to another set of sanctions, taking aim at Russia's financial, transport and energy sectors, among other things.
PM brands Putin a 'bloodstained aggressor'
Addressing MPs, Mr Johnson said: "Putin will stand condemned in the eyes of the world and of history. He will never be able to cleanse the blood of Ukraine from his hands.
"Although the UK and our allies tried every avenue for diplomacy until the final hour, I am driven to conclude that Putin was always determined to attack his neighbour, no matter what we did.
"Now we see him for what he is - a bloodstained aggressor, who believes in imperial conquest."
The prime minister added that "this hideous and barbarous venture of Vladimir Putin must end in failure".
It comes after Russia launched a military offensive overnight against its neighbour with missile strikes and explosions reported across Ukraine.
UK government imposes more measures against Russia
Downing Street said the UK government's plan of action against Russia consists of 10 components:
• An intention to impose asset freeze on all major Russian banks with an immediate freeze against VTB which has assets totalling £154bn
• To introduce legislation on Tuesday that will prohibit the ability of all Russian companies to raise finance on UK markets
• To issue sanctions against individuals, entities and their subsidiaries which include Rostec - Russia's largest defence company
• Look to imminently ban the ability of Aeroflot to land in the UK
• To immediately suspend the use of export licences to Russia - an example being electrical components or parts of military trucks
• To lay legislation "within days" that will prohibit a wide range of high-tech exports to Russia
• Look at introducing legislation that would limit the amount of deposits Russian nationals will be able to hold in UK bank accounts to £50,000
• To work with G7 and NATO allies to shut off Russia's access to the SWIFT payment system
• To extend the full range of these measures to Belarus
• Look at bringing forward the Economic Crime Bill which will take action against Russians who raise funds in the UK before the Easter recess
Sanctions will have 'immediate impact'
The Foreign Office said the sanctions will also have an immediate impact on Russia's wealthy elite and President Putin's inner circle.
The prime minister said "oligarchs in London will have nowhere to hide" and that when it comes to further measures, "nothing is off the table".
The PM said his government will support Ukrainians "economically, diplomatically, politically, and yes militarily", but reiterated that the success of the measures outlined depends on the "unity of our allies".
Foreign Secretary Liz Truss added: "We will not rest until Russia's economy has been degraded and Ukraine's sovereignty and territorial integrity restored.
"We stand with Ukraine, its people and its democracy and will continue to support them economically, politically and defensively."
Meanwhile, the EU leaders said their new sanctions would have "massive and severe consequences for Russia".
"These sanctions cover the financial sector, the energy and transport sectors, dual-use goods as well as export controls and export financing, visa policy, additional listings of Russian Individuals and new listing criteria," the European Union said in a statement.
PM vows to protect Britons from cost of living crisis
Amid concerns about rising oil prices since the invasion, the prime minister vowed to do "everything possible" to safeguard "our own people" from the repercussions of the invasion on the cost of living.
Stock markets across the globe slumped and oil prices soared to levels not seen in eight years as a result of the invasion.
Read more: Rises in prices of bread, meat, diamonds and gas - how the invasion will affect the UK?
"The government will do everything possible to safeguard our own people from the repercussions for the cost of living - and, of course, we stand ready to protect our country from any threats including in cyberspace," the PM told MPs.
In a televised address earlier today, the prime minister vowed to hit Russia with a "massive" package of sanctions - designed to "hobble" Moscow's economy - after Mr Putin's "vast invasion" of Ukraine by land, sea and air.
PM hosts second COBRA on Ukraine in one day
Downing Street said the PM concluded a cabinet meeting on Thursday evening by saying President Putin must fail, and that the UK would work with its allies to achieve the restitution of the sovereignty of Ukraine.
Mr Johnson also said it had been "a dark day in the history of our continent".
Government buildings were also lit blue and yellow in support of the Ukraine.
After giving his backing to the new measures and sanctions outlined by the PM, Sir Keir called for further aid, including humanitarian support for Ukraine.
"There are changes we must make here in the UK. For too long our country has been a safe haven for the money that Putin and his fellow bandits stole from the Russian people. It must now change," the Labour leader said.
Meanwhile, Conservative former prime minister Theresa May said Russia needs to feel "the cold wind of isolation".
But not all MPs agreed with the prime minister's proposals, with Labour's Clive Lewis calling for a "negotiated settlement" with Russia and not an "escalation of military means".