UK to ban Russian coal and freeze assets of Sberbank

6/4/2022 8:07:00 PM

Ukraine-Russia Crisis: UK to ban Russian coal and freeze assets of Sberbank - Reuters

Ukraine-Russia Crisis: UK to ban Russian coal and freeze assets of Sberbank - Reuters

LONDON (April 6): Britain froze the assets of Russia's largest bank Sberbank on Wednesday and said it would ban imports of Russian coal by the end of 2022 in a new round of sanctions coordinated with Western allies to 'starve Putin's war machine'.A further eight oligarchs active in industries including fertilizers, oil, gas, trucks and diamonds, were also sanctioned by Britain.It will also ban outward investment to Russia, which was worth over £11 billion (US$14.4 billion) in 2020, and

A LONDON (April 6): Britain froze the assets of Russia's largest bank Sberbank on Wednesday and said it would ban imports of Russian coal by the end of 2022 in a new round of sanctions coordinated with Western allies to"starve Putin's war machine"..Telegram channel for the latest updates.Telegram channel for the latest updates.

A further eight oligarchs active in industries including fertilizers, oil, gas, trucks and diamonds, were also sanctioned by Britain.It will also ban outward investment to Russia, which was worth over £11 billion (US$14.4 billion) in 2020, and the export of key oil refining equipment and catalysts.Among the punishments could be a ban on imports of Russian crude, following a similar move by the United States and Britain.British Foreign Secretary Liz Truss said:"Our latest wave of measures will bring an end to the UK's imports of Russian energy and sanction yet more individuals and businesses, decimating Putin's war machine." "Together with our allies, we are showing the Russian elite that they cannot wash their hands of the atrocities committed on (Russian President Vladimir) Putin's orders..

" The new sanctions, Britain's fifth package since the crisis began, follow reports of attacks on civilians, including shocking images emerging from the Ukrainian city of Bucha.That pared some of the sharp losses seen Friday in reaction to a pledge by Washington and other major economies to unleash millions of barrels from their stockpiles to keep a lid on prices, which are fanning already high inflation.The asset freeze on Sberbank was taken in co-ordination with the United States, which announced full blocking sanctions on the bank on Wednesday, Britain said, while the European Commission has proposed a ban on Russian coal.Subscribe to Mid-day email alert We deliver news to your inbox daily.

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