The UK is on the edge of falling into 'dystopian economic collapse' because of the war in Ukraine and sanctions against Russia, according to Boris Johnson's former deputy.
Western leaders have frozen the assets of Russia's central bank and have banned people and businesses from dealing with the bank, Russia's finance ministry and its wealth fund.
All Russian banks will have their assets frozen and Russian ships have been banned from docking in the UK
Major Russian banks have been excluded from international systems and structures, making it very difficult for them to do business.
Major Russian companies, and the state, have been stopped from raising money, borrowing money or depositing money in the UK
Individuals have also been targeted, and there are limits on what products can be sent to Russia.
Companies have also stopped operating in Russia - including Apple - or have pulled Russian products from UK shelves.
Sir Alan Duncan has said the UK risks falling into a “dystopian economic collapse” over concerns about the supply of gas from Russia.
Boris Johnson’s former deputy at the Foreign Office told BBC Radio 4’s Today programme: “There is this auction of indignation, which all of us totally understand, against anything to do with Russia.
“So they ban this, ban that and ban everything, but in the end, we’re going to end up banning our own supplies.
“Now, we of course, want to disadvantage Russia as an essential tool of war. But we don’t want to disadvantage ourselves so that we fall into some kind of dystopian economic collapse. We are on the edge of that.
“Now, for instance, there are subsidiary companies of Gazprom, which are not sanctioned, which are not incorporated in Russia, which are incorporated in one case in the UK, which are essential to the smooth flowing of gas.”
