Biden says the G7 will move forward "with catastrophic obstacles." UK bans Aeroflot and freezes VTB Bank assets

On Thursday, US President Joe Biden announced that the G7 had agreed to impose “disastrous” sanctions on Russia following its invasion of Ukraine.

“This morning I met with my G7 colleagues to discuss President Putin’s unwarranted attack on Ukraine, and we agreed to move forward with catastrophic sanctions and other economic measures to hold Russia accountable. We stand with the brave people of Ukraine,” Biden wrote. On the social networking site Twitter.

This morning, I met with my G7 colleagues to discuss President Putin’s unjustified attack on Ukraine, and we agreed to move ahead with catastrophic sanctions and other economic measures to hold Russia accountable. We stand with the brave people of Ukraine. pic.twitter.com/dzvYxj7J9w

– President Biden (OPOTUS) February 24, 2022

British Prime Minister Boris Johnson has already announced a new set of sanctions punishing Russia for its invasion of Ukraine, banning Russian airline Aeroflot in the UK and freezing VTB Bank’s assets.

In a statement to Parliament, Johnson said the new restrictions would “completely exclude Russian banks from the British financial system”, which would prevent payments via the UK.

VTB is one of Russia’s largest banks, with assets of 4 154 billion (4 184 billion) involved in the operation of “hidden loans” in Mozambique.

He stressed that these measures would be taken jointly with the United States with the aim of reaching out to Russian companies that make transactions in half of the US dollars and pounds sterling.

The government will ban Russian state and private companies from raising funds or trading securities in the UK.

Sanctions will be extended to Belarus

Sanctions will be extended to Belarus to welcome some of the troops occupying Ukraine, resulting in the total assets of more than a hundred new companies and individuals being frozen and adding hundreds already under sanctions.

The British government will impose “strict restrictions” on certain electronic, telecommunications and aerospace components.

“These sanctions will limit Russia’s military, industrial and technological capabilities for many years to come,” he promised.

In another move, the “Against Kleptocracy Cell” has been set up at the Anti-Crime Agency to identify Russia’s embargo evasion and hidden assets in the UK.

“This indicates that oligarchy in London cannot hide,” he said.

Legislation will also be introduced to make the ownership of real estate and companies more transparent, which could target Russian investors.

However, London did not move forward with excluding Russia from the SWIFT banking system, citing the need for “unity of our allies in the G7 and other groups”.

Johnson called it “the largest and most severe set of sanctions Russia has ever seen,” which was approved by the opposition.

After attending a video conference with G7 leaders this afternoon, the British Prime Minister announced that he would attend a meeting of NATO leaders on Friday.

It brings together countries that contribute to the UK-led Joint Naval Force, which includes NATO and non-NATO members.

Another meeting of the Cobra Emergency Committee will be held this afternoon, followed by a group of ministers in the evening, a government spokesman said.

In the early hours of Thursday, Russia launched a military offensive in Ukraine, with ground forces and bombing targets in several cities, Ukrainian officials say, causing dozens of deaths in the early hours of the morning.

Russian President Vladimir Putin responded Monday to calls for “assistance from the authorities of the Donetsk and Luhansk republics” in eastern Ukraine, recognizing its independence, and aimed at “militarization and destruction” of the neighboring country. .

The attack was immediately condemned by the international community and prompted emergency meetings of several governments, including the Portuguese, and the North Atlantic Treaty Organization (NATO), the European Union (EU) and the UN Security Council.