Foreign Secretary Liz Truss says there will be “economic costs” in the UK from the sanctions imposed on Russia. The country will have to carry this economic burden, the official said.
According to the foreign secretary, there will be consequences in terms of access to oil and gas markets as there are a lot of imports to Continental Europe from Russia that bypass the United Kingdom. So, the British economy will inevitably suffer, she said.
Liz Truss firmly believes that the British public understands the price to be paid if they do not stand up to Putin now.
On February 24, President Vladimir Putin of Russia announced a “special military operation” in Donbas aiming to demilitarize Ukraine. Western countries, including the United Kingdom, the eurozone, the United States, and Canada, immediately retaliated with sanctions against Russia. These new sanctions target several Russian banks, the State Duma representatives who voted for the recognition of Ukraine's two separatist regions, Vladimir Putin himself, and Foreign Minister Sergei Lavrov.
Meanwhile, Lithuania, Latvia, Estonia, Bulgaria, the Czech Republic, Romania, Slovenia, the United Kingdom, Poland, and Finland shut their airspace for Russian planes. In addition, certain Russian banks were banned from the SWIFT international financial system. Above all else, the sanctions limited the Bank of Russia’s access to its sizable foreign exchange reserves aiming to seriously hurt the Russian ruble.
