28 Feb 2022

UK announces more sanctions on Russian banking and shipping

Economics Correspondent

The UK has announced more sanctions on Russian banks and shipping – including a full asset freeze on the country’s development bank. The unprecedented global sanctions have sent the rouble crashing to a record low.

This morning the central bank ordered the stock exchange to close all day – citing ‘the developing situation’ – while oil giant Shell has just announced it will end all joint ventures with Russia’s Gazprom, worth some three billion dollars.

The Kremlin has insisted it will “ride out” the impact.