RUSSIA: Joint Statement by UK and Other International Partners on Financial Measures Against Russia

Monday February 28 2022

On 26^th February 2022, the leaders of the United Kingdom, the European Commission, France, Germany, Italy, Canada, and the United States committed to undertake the following measures:

First, to commit to ensuring that selected Russian banks are removed from the SWIFT messaging system. This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally.

Second, to commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of the sanctions.

Third, to commit to acting against the people and entities who facilitate the war in Ukraine and the harmful activities of the Russian government. Specifically, they commit to taking measures to limit the sale of citizenship so called golden passports that let wealthy Russians connected to the Russian government become citizens of the countries and gain access to the financial systems.

Fourth, to commit to launching this coming week a transatlantic task force that will ensure the effective implementation of the financial sanctions by identifying and freezing the assets of sanctioned individuals and companies that exist within the jurisdictions. As a part of this effort they are committed to employing sanctions and other financial and enforcement measures on additional Russian officials and elites close to the Russian government, as well as their families, and their enablers to identify and freeze the assets they hold in the jurisdictions. they will also engage other governments and work to detect and disrupt the movement of ill-gotten gains, and to deny these individuals the ability to hide their assets in jurisdictions across the world.

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