THE UK's Foreign Secretary has announced further rafts of sanctions aimed at the Russian economy in the wake of the country's invasion of Ukraine.
Liz Truss said there would be two dimensions to the latest round of sanctions.
The first, she said, introduces a set of new powers against Russia's financial sector to prevent the nation’s banks from clearing payments in Sterling.
READ MORE: Nicola Sturgeon defends Liz Truss after Russia blames her for Putin's nuclear move
Truss said that more than 50% of Russian trade is done in dollars and pounds and so, in coordinated action with the United States, these sanctions “will damage Russia's ability to trade with the world”.
The Foreign Secretary also said she would impose a freeze on all the assets of three Russian banks (VEB, Sovcombank and Otkritie), as she pledged to bring in a full asset freeze on all Russian banks “in days”.
She went on: "The second piece of [sanctions] legislation will ban exports to Russia across a range of critical sectors. This includes high-end technological equipment such as microelectronics, and marine and navigation equipment.
"This will block Russia's military-industrial capabilities and act as a drag on Russia's economy for years to come."
She said the new legislation will isolate Russian companies across a range of “critical sectors”.
"It will isolate all Russian companies – that’s over three million businesses – from accessing UK capital markets," she said.
Truss said: “I appreciate the consequences of this step for British people and British businesses operating in Russia.”
She said the Government will offer “advice and guidance” to affected UK businesses and consular staff will continue to support British nationals in Russia and Ukraine.
Truss also pledged to continue working through the UK Government's "hit list of oligarchs", saying she would “keep ratcheting up [the UK's] response” to Russia.
She said: “More legislation will follow in coming weeks in sanctioning Russian-occupied territories in the Donbas, extending more sanctions to Belarus, and limiting Russian deposits in UK banks.
“We will continue working through our hitlist of oligarchs, focusing on their houses, their yachts and every aspect of their lives. In addition, we will be introducing the Economic Crime Bill tomorrow.”
She said: “This is all about flushing out the oligarch dirty money from the United Kingdom. We will continue work with our G7 allies to cut off the Russian economy and cut the free world’s dependence on Russian gas. Depriving Putin of his key source of revenue.”
She said the UK is “leading the diplomatic effort to ensure there is a chorus of condemnation against President Putin”.
Truss said: “Putin is isolated. No-one is willing to back his war of choice.”
READ MORE: Priti Patel refuses to waive UK visas for Ukraine, citing fears of Russian 'infiltration'
The SNP's Alyn Smith said he supported the sanctions being announced, adding: "If anything I would urge more."
He went on: "I'd urge more. I'd urge faster ambition, particularly on refugees. The UK needs to waive visas, not flags.
"The EU has really given the lie of the generosity of the UK's response on refugees by waiving visas for three years for all Ukrainian nationals. The UK needs to do the same."
The EU's 27 member states have agreed to waive visa requirements for Ukrainians for three years. Home Secretary Priti Patel said the UK would not do the same as Russian troops may infiltrate the country.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here