UK Joins US, EU in Sanctioning Russia’s Central Bank, Aims to ‘Devastate’ Economy, ‘Target’ Putin and Sergey Lavrov

Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak in London, UK, on Oct. 13, 2020. Jonathan Brady/PA

The UK government has joined the European Union (EU) and the United States in announcing new sanctions against the Russian Central Bank in a bid to ramp up pressure against Moscow for its invasion of Ukraine.

The new sanctions are aimed at preventing the Central Bank of the Russian Federation (CBR) from deploying foreign reserves to counter the impact of Western sanctions. It will also “undercut” the bank’s ability to engage in forex transactions aimed at supporting the Russian currency rouble, said the UK government.