Russia: Impact of sanctions on economies discussed by Ruffini

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Hitting out at the bloc on Twitter, the GB News political correspondent said: “Look at how much further the UK and US have gone than the EU.” In what he described as “a tale of two sets of sanctions”, Mr Harwood shared a screenshot of the measures imposed by the UK with the EU – alongside the sanctions imposed without.

The new sanctions that the UK has imposed on Russia with the US, but not the EU, include a full asset freeze on Russian state-owned bank VTB; asset freezes on more than 100 new entities and individuals; a limit on the amount of money that Russian nationals will be able to deposit in UK bank accounts; sanctions on Belarus “for its role in the assault on Ukraine”; and a ban on Russian airline Aeroflot from the UK.

Mr Harwood hit out at the EU’s package of sanctions, calling it “extraordinary in any case.”

He added: “Truly more so given the Russian bombs are dropping just miles from the EU’s border.”

So far, the EU has announced that it will freeze Russian assets within the bloc.

It will impose travel bans on 23 people, three banks and a notorious internet “troll factory” in St Petersburg.

The bloc is expected to sanction 351 members of the Russian State Duma that voted for recognition of independent republics in Donetsk and Luhansk.

It will also target Russia’s trade, energy and transport, among other sectors, and impose export controls.

This evening, the EU is holding an emergency summit to discuss offering Ukraine EU candidate status.

This came after Mr Putin officially declared war on Ukraine earlier today, launching a full-scale invasion of the country.

The EU’s foreign policy chief Josep Borrell described the bloc’s action as “the harshest package of sanctions we have ever implemented.”

But the Ukrainian government has urged the West to impose further sanctions, including barring Russia from the SWIFT banking system.

When asked about SWIFT, German Chancellor Olaf Scholz said: “We need to keep sanctions ready for later times.”

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US President Joe Biden also said the United States would not restrict access to SWIFT for now.

Foreign Secretary Liz Truss described the UK’s package of sanctions as being “unprecedented”, saying that it “delivers the highest economic cost we have ever imposed”.

She said: “We are inflicting devastating economic pain on Putin and Russia following its unprovoked and illegal invasion of Ukraine.

“Today’s unprecedented package of sanctions decisively delivers the highest economic cost we have ever imposed on the Kremlin.

“Russia is now an international pariah on the world stage.

“We will squeeze Putin’s regime and all those close to him responsible for its appalling attack on Ukraine.

“We will not rest until Russia’s economy has been degraded and Ukraine’s sovereignty and territorial integrity restored.

“We stand with Ukraine, its people and its democracy and will continue to support them economically, politically and defensively.”

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