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Ukraine conflict: UK sanctions target Russia banks and oligarchs Ukraine conflict: UK sanctions target Russia banks and oligarchs
(32 minutes later)
Boris Johnson has announced the "largest and most severe package of economic sanctions that Russia has ever seen" after the invasion of Ukraine. Major Russian banks will be excluded from the UK financial system and oligarchs have been targeted in new sanctions announced by Boris Johnson.
Speaking in the Commons, the prime minister said all major Russian banks would have their assets frozen and be excluded from the UK financial system. The prime minister told the House of Commons that they were "the largest and most severe package of economic sanctions that Russia has ever seen".
The Russian airline Aeroflot will also be banned from landing in the UK. Russia's national airline Aeroflot will also be banned from landing in the UK.
Mr Johnson told the House of Commons that Russian President Vladimir Putin was a "bloodstained aggressor". It follows Moscow's invasion of Ukraine which began with air strikes in the early hours of Thursday morning.
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Mr Johnson told MPs that Russian President Vladimir Putin was a "bloodstained aggressor" who would "stand condemned in the eyes of the world and of history" for invading Ukraine.
He said the sanctions being imposed would enable the UK to ban Russian state and private companies from raising funds.
And he confirmed that sanctions will also be applied to Belarus for its role in the assault on Ukraine
But Mr Johnson did not say that the UK would ban Russia from the Swift global inter-bank payments system, as Ukraine's foreign minister has urged countries to do.
Sanctions announced by the prime minister include:
All major Russian banks will have their assets frozen and will be excluded from the UK financial system. This will stop them from accessing sterling and clearing payments through the UK. This includes a full and immediate freeze of VTB bank
Legislation will stop major Russian companies and the state from raising finance or borrowing money on UK markets
Asset freezes will be put on 100 new individuals or entities
Aeroflot will be banned from landing in the UK
There will be a suspension of dual-use export licences to cover components which can be used for military purposes
Within days the UK will stop exports of high-tech items and oil refinery equipment
There will be a limit on deposits Russians can make in UK bank accounts
He says there is potential to cut Russia out from the Swift international payment system and "nothing is off the table"
Similar financial sanctions will be extended to Belarus for its role in the assault on Ukraine
The UK will bring forward parts of the Economic Crime Bill before the Easter recess
Mr Johnson said the UK and its allies' mission was to ensure through diplomatic, economic, and eventually military means that the "hideous and barbarous venture of Mr Putin" ended in failure.
But he warned that the West would need to cease its dependence on Russian oil and gas.
Labour leader Sir Keir Starmer said he welcomed the sanctions outlined by Mr Johnson, and pledged opposition support for further measures.
But he said there were changes that must be made in the UK.
"For too long our country has been a safe haven for money Putin and his fellow bandits stole from the Russian people" he said.
Ukrainian protesters gathered outside Downing Street on Thursday afternoon
On Thursday morning Russian forces launched an assault on Ukraine, crossing its borders and bombing military targets near big cities.
Russian military vehicles are reported to have breached Ukraine's border in a number of places, in the north, south and east, including from Belarus.
At least seven people are known to have been killed by Russian shelling, including civilians. A Ukrainian presidential adviser said that more than 40 soldiers had died and dozens more were wounded, but this has not been independently confirmed.
Ukraine has announced martial law across the country, meaning the military has taken control temporarily.
Traffic jams have built up as people attempt to flee the capital Kyiv.