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Britain said on Monday it was taking further action against Russia in concert with the United States and the European Union, banning any British entity from transacting with Russia’s central bank, the Ministry of Finance and the sovereign wealth fund.

The new sanctions came as the Bank of Russia raised its key interest rate to 20%, introduced mandatory sales of hard currency earnings for exporters and banned brokers from selling securities by foreigners from on Monday in a bid to protect the country’s assets from Western sanctions. .

The value of the Russian ruble fell to a record low against the US dollar after financial sanctions against Russian financial institutions were tightened over the weekend.Credit:Bloomberg

The interest rate will rise from 9.5% to 20%, the Russian central bank said in a statement ahead of the opening of ruble trading. Earlier Monday, the regulator announced a temporary freeze on sales on the Moscow Stock Exchange, without specifying which securities the ban applies to.

The new UK sanctions include new restrictions on Russian financial institutions and measures to prevent Russian companies from issuing transferable securities and money market instruments in the UK.

“The UK government will immediately take all necessary steps to bring into force the restrictions to prohibit any UK individual or legal entity from undertaking financial transactions involving the CBR, the Russian National Wealth Fund and the Federation Ministry of Finance. of Russia,” the government said. noted.

Britain said further designations would be announced this week.

“These measures demonstrate our determination to apply tough economic sanctions in response to Russia’s invasion of Ukraine,” UK Finance Minister Rishi Sunak said.

Singapore will also impose “appropriate sanctions and restrictions” on Russia, its foreign minister said on Monday, including banking and financial measures and export controls on items that could be used as weapons against the Ukrainian people. .

“Singapore intends to act in concert with many other like-minded countries to impose appropriate sanctions and restrictions against Russia,” Foreign Minister Vivian Balakrishnan told parliament, calling the Russian invasion unacceptable and a flagrant violation of international standards.

He said the sanctions were due to the “unprecedented gravity” of the situation and Russia’s veto last week on a draft Security Council resolution.

“In particular, we will impose export controls on items that can be used directly as weapons in Ukraine to inflict harm or subjugate Ukrainians,” he said.

“We will also block certain Russian banks and certain Russian-related financial transactions,” he added.

Singapore is ahead of its regional neighbors and independent of the Association of Southeast Asian Nations of which it is a member.

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