UK announces new set of sanctions, including pushing to end Russia’s use of the Swift international payment system

(The Guardian) The UK will impose its “largest ever” set of economic sanctions on Russia, including pushing to end Russia’s use of the Swift international payment system, freezing assets of all major Russian banks, limiting cash held by Russian nationals in UK banks and placing sanctions on more than 100 individuals and entities.

Boris Johnson has urged European leaders to agree that Russia’s use of the major payments system should be suspended, making the argument in a call with the German chancellor, Olaf Scholz, and in a meeting of G7 leaders.

Announcing a package of sanctions which Johnson had promised would “hobble” Russia’s economy, the UK said it would said legislation would be laid on Tuesday to ban major Russian companies from raising finance on UK markets and to prevent Russia raising sovereign debt on UK markets.

The sanctions include more key oligarchs who will have assets frozen, though sources said that more names – including what they said would be more recognisable figures – would be released in the coming weeks.

The prime minister announced 10 measures the UK was taking immediately. The UK will freeze assets of all major Russian banks including VTB, the country’s second largest bank with assets totalling ?154bn.

Individual sanctions will be imposed on over 100 individuals, entities and subsidiaries, including Rostec, the country’s biggest defence company, employing more than two million people and exporting ?10bn in arms a year, as well as four other defence companies.