UK, US Impose Crippling Sanctions on Moscow Stock Exchange
The UK announced on Thursday a series of new sanctions targeting Russia’s efforts in Ukraine, including measures against Moscow’s main stock exchange. This follows similar actions taken by Washington a day earlier. London stated that the 50 new sanctions, part of a coordinated effort with G7 partners meeting in Italy, aim to impact Russia’s financial system and its military production suppliers. Washington had previously introduced a range of sanctions on Wednesday, targeting the Moscow exchange and its subsidiaries, increasing the risks for foreign banks still engaged with Russia. This major financial penalty led the exchange to halt dollar and euro trades on Thursday. In response, Moscow’s foreign ministry called the new US sanctions “aggressive” and vowed to retaliate. UK Prime Minister Rishi Sunak affirmed the UK’s commitment to supporting Ukraine, stating, “We will always stand shoulder to shoulder with Ukraine in its fight for freedom.” He pushed for the need to ramp up economic pressure to hinder Russia’s war efforts as G7 leaders gather in southern Italy. Sunak added that cutting off President Vladimir Putin’s ability to money management a prolonged conflict is crucial.
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