London: The UK's Chancellor of the Exchequer, Rishi Sunak, alongside the Bank of England on Monday announced the UK government's plans to impose further economic sanctions in response to the invasion of Ukraine by Russia by targeting the country's Central Bank of the Russian Federation (CBR).
The move, which the UK Treasury department said is in concert with the US and the European Union (EU), is aimed at preventing the CBR from deploying its foreign reserves in ways that undermine the impact of sanctions imposed by the west, and to "undercut" its ability to engage in foreign exchange transactions to support the Russian currency rouble.
