Thank you for taking the time to contact me about Russia's invasion of Ukraine. Like you, I am shocked at the distressing events we have witnessed over the past few days. Vladimir Putin's invasion of the free, peaceful, and democratic Ukraine is an affront to our shared values, and I wholeheartedly agreed with the Prime Minister when he said Putin will stand condemned in the eyes of the world and of history.
With our partners in the EU and NATO, the UK has announced the largest and most severe package of economic sanctions that Russia has ever seen. These measures are intended to isolate Russia, devastate their economy, cut them off from the global financial system, target the oligarchs who prop up Putin's regime, and remove their access to critical tech needed for future growth.
These measures include but are not limited to -
- Russian banks will have their assets frozen and be excluded from the UK financial system, including accessing sterling and clearing payments through the UK.
- The assets of 100 new individuals or businesses will be frozen.
- Russia's national flag carrier, Aeroflot, has been banned from landing in the UK.
- Limits will be placed on how much Russian nationals can deposit into UK bank accounts.
- Major Russian companies and the Russian state will be prevented from raising finance or borrowing money on UK markets.
These measures should not be underestimated and are expected to devastate the Russian economy. Already the Russian rouble has hit an all-time low, and we are seeing long queues forming at Russian banks.
The UK will also support the defence of Ukraine by providing military and economic support. Already, weapons and logistical support from the UK are helping to repel Putin's forces, and the Prime Minister has been clear that we will continue to provide our friends in Ukraine with whatever they need to defend themselves.
The UK also stands ready to provide humanitarian assistance to those impacted by the invasion. Just today, the Prime Minister announced a further £40million in aid for Ukraine, and that any Ukrainian nationals living in the UK will be able to bring their family here. These are early days in a very fast-moving situation, and the Government stands ready to announce further schemes and measures as necessary.
The UK Government is committed to supporting the Ukrainian people.
Thank you for taking the time to contact me.
1 March 2022