London imposes penalties on the Moscow Stock Exchange.
After the US, the UK has also enforced sanctions on the Moscow Stock Exchange and other targets relating to the Ukraine conflict. The government declared that the economic pressure on Russia will be amplified to stop the country from "funding its war machine," Prime Minister Rishi Sunak expressed in a statement.
Their objective is to eliminate the resources supporting Russian President Vladimir Putin in prolonging the conflict and make it challenging for him to finance it. Reportedly impacted by these sanctions are the stock exchange in St. Petersburg, companies facilitating financial transactions, those involved in the oil and gas sector, and manufacturers of arms.
Furthermore, multiple ships, known as "ghost fleet" of Russia, are targeted. These ships are said to bypass Western sanctions by transferring oil or weapons. The tankers generally lack modern technology and do not have insurance, sailing without radar.
Previously, the US introduced further sanctions against 300 banks, networks, and other targets in Russia and other nations on Wednesday due to the ongoing Ukraine conflict. These actions aim to make transactions worth billions more complicated.
As a reaction, the Moscow Stock Exchange stopped trading in dollars and euros. During Thursday, no transactions took place at the financial hub. To alleviate concerns, the Kremlin and the Central Bank reassured that the economic situation remains stable, and funds in foreign currencies are safe.
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The UK's decision to sanction the Moscow Stock Exchange is not isolated, as Muscovite businesses in sectors like oil and gas, finance, and manufacturing arms have also been affected. Despite the London-imposed penalties, the Kremlin and the Central Bank assure the Ukrainian War's financial impact on Russia remains manageable and that funds in foreign currencies remain secure.
