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Jacob Rees-Mogg has detailed how Brexit Britain is paving the way for the sanctioning of Russian banks.

The Minister for Brexit Opportunities and Government Effectiveness said in a tweet: ‘The City of London is leading the way on the effects of sanctions on Russian banks.’ Mr Rees Mogg shared a bar chart showing that the value of Russian bank assets sanctioned by the UK stands at £258.8 billion – more than any other country, according to ministers. The figure, which comes from the Foreign Office, compared to £240bn by the US and £38.8bn by the European Union.

It comes as Visa and Mastercard announced they would suspend operations in Russia and work with customers and partners to end all transactions there. This is the latest in a series of government sanctions and corporate punishments against Russia following the invasion of Ukraine.

In addition to sanctioning Russian banks, the UK has imposed sanctions on members of the Russian and Belarusian elite, including Russian President Vladimir Putin, as well as at least a dozen banks and companies. Britain must also push for an international limit on Russian gas imports in a bid to limit Western dependence on the country’s energy supplies.

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This notice was published: 2022-03-07 04:46:00

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