Boris Johnson has unveiled a host of sanctions on Russia after President Putin launched an invasion of Ukraine.
Speaking in the Commons, the Prime Minister vowed that the UK will introduce the "largest and most severe package" of sanctions "that Russia has ever seen".
Addressing MPs, Mr Johnson called the Russian President a “blood-stained aggressor who believes in imperial conquest” and was “always determined to attack his neighbour, no matter what we did”.
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Here are all the key points from the Prime Minister's announcement earlier...
'President Putin is a bloodstained aggressor'
President Putin is a “bloodstained aggressor” who was “always determined” to attack Ukraine, the Prime Minister has said.
Updating the Commons on his talks with G7 leaders and Nato secretary-general Jens Stoltenberg on Russia’s invasion of Ukraine, said: “Putin will stand condemned in the eyes of the world and of history. He will never be able to cleanse the blood of Ukraine from his hands.
“Although the UK and our allies tried every avenue for diplomacy until the final hour, I am driven to conclude that Putin was always determined to attack his neighbour, no matter what we did.”
The Prime Minister added: “Now we see him for what he is – a bloodstained aggressor, who believes in imperial conquest.”
'Hideous and barbarous venture of Vladimir Putin must end in failure'
Boris Johnson said “this hideous and barbarous venture of Vladimir Putin must end in failure”.
The Prime Minister said: “I am proud that Britain did everything within our power to help Ukraine prepare for this onslaught and we will do our utmost to offer more help as our brave friends defend their homeland.”
He said the UK ambassador continues to work from the embassy in Lviv.
He said the G7 agreed to work in unity to “maximise the economic price that Putin will pay for his aggression”, saying that must include “ending Europe’s collective dependence on Russian oil and gas that has served to empower Putin for too long”.
He also said “countries that together comprise about half the world economy are now engaged in maximising economic pressure on one that makes up a mere 2%”.
UK to introduce new trade restrictions and export controls on Russia
Boris Johnson said, in full concert with the US and EU, the UK will introduce “new trade restrictions and stringent export controls”.
He said: “We will bring forward new legislation to ban the export of all dual-use items to Russia, including a range of high-end and critical technological equipment and components in sectors including electronics, telecommunications and aerospace.”
Mr Johnson said legislation to implement this will be laid in Parliament “early next week”.
The Prime Minister added: “These trade sanctions will constrain Russia’s military, industrial and technological capabilities for years to come.”
He said measures on unexplained wealth orders from the Economic Crime Bill will be brought forward and introduced before the Easter recess.
Mr Johnson expands on new Economic Crime Bill
Boris Johnson said the Economic Crime Bill will include reforms to Companies House and a register of overseas property ownership, while a “new dedicated kleptocracy cell” will be set up in the National Crime Agency.
He said: “That means oligarchs in London will have nowhere to hide.
“I know that this House will have great interest in the potential of cutting Russia out from Swift. I can confirm, as I’ve always said, nothing is off the table.”
He said for these measures to be successful, it is “vital” to have the “unity of our partners” such as the G7 adding “Russian investors are already delivering their verdict on the wisdom of Putin’s actions.”
“So far today Russian stocks are down by as much 45%, wiping 250 billion dollars from their value
'Oligarchs in London will have nowhere to hide'
Boris Johnson said the Economic Crime Bill will include reforms to Companies House and a register of overseas property ownership, while a “new dedicated kleptocracy cell” will be set up in the National Crime Agency.
He said: “That means oligarchs in London will have nowhere to hide.
“I know that this House will have great interest in the potential of cutting Russia out from Swift. I can confirm, as I’ve always said, nothing is off the table.”
He said for these measures to be successful, it is “vital” to have the “unity of our partners” such as the G7 adding “Russian investors are already delivering their verdict on the wisdom of Putin’s actions.”
“So far today Russian stocks are down by as much 45%, wiping 250 billion dollars from their value.”
Sanctions will also be applied to Belarus
Boris Johnson said sanctions would be applied to Belarus
The Prime Minister said: “The UK is announcing the largest and most severe package of economic sanctions that Russia has ever seen.”
He said: “We’re taking new powers to target Russian finance in addition to the banks we’ve already sanctioned this week. Today in concert with the United States we are proposing a full asset freeze on VTB.”
He said the powers will allow the UK to “totally exclude Russian banks from the UK financial system” and stop them from accessing sterling and clearing payments through the UK. He said about half of Russia’s trade is in dollars and sterling, and said the US is taking similar measures to the UK.
He said: “These powers will also enable us to ban Russian state and private companies from raising funds in the UK, banning dealing with their securities and making loans to them.
“We will limit the amount of money that Russian nationals will be able to deposit in their UK bank accounts and sanctions will also be applied to Belarus for its role in the assault on Ukraine.”
PM refuses to commit to Ukraine no-fly zone
The Prime Minister responded to the question of a no-fly zone over Ukraine by saying “we would face the risk of having to shoot down Russian planes and that is something that I think the House would want to contemplate with caution.”
Conservative MP and former party leader Sir Iain Duncan Smith said: “With Ukrainian men and women dying to fight against the Russians for their freedom today, those who are calling for negotiation at this point can only please that rambling wreck of a neo-Nazi sitting in the Kremlin and they should be shunned.”
He also said the Ukrainian ambassador “asked desperately whether Nato would look at a no-fly zone”.
“I know it’s a difficult choice” he said, but asked the Prime Minister to say “in this particular case, he rules nothing out”.
Boris Johnson said: “I understand the attractions of the no-fly zone”.
But he said the situation is “very different” to 1991 in Iraq, and said: “We would face the risk of having to shoot down Russian planes and that is something that I think the House would want to contemplate with caution.”
PM vows to safeguard UK people from conflict repercussions
Prime Minister Boris Johnson said the Government will do “everything possible” to safeguard “our own people” from the repercussions of the invasion on the cost of living.
He said: “Last Saturday, I warned that this invasion would have global economic consequences and this morning the oil price has risen strong. The Government will do everything possible to safeguard our own people from the repercussions for the cost of living.
“And of course, we stand ready to protect our country from any threats including in cyberspace.”
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