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Boris Johnson has defended his sanctions against Russia, saying that the UK is leading the way globally when it comes to taking action against Vladimir Putin.
The assets of five Russian banks and three Russian billionaires have already been frozen by him, along with “further military support” for Ukraine.
Sir Keir Starmer asked the PM to enact laws that prevent oligarchs from buying UK firms and properties.
Boris Johnson, however, said that no government could possibly do more.
President Putin sent troops into the independent Ukrainian regions of Donetsk and Luhansk on Monday after recognizing them as an independent.
Moscow-backed separatists control the two regions, but it is unclear if any new Russian troops have been deployed there.
In earlier remarks, Ben Wallace said that Mr. Putin had gone “full fool” in escalating the Ukrainian crisis, adding that he has “no friends and no allies” internationally.
According to the former Scots Guards officer, his regiment had “kicked the backside” of Russia’s Emperor Nicholas I in the Crimean War in the mid-19th Century, arguing that “we can always do it again”.
“We all want to stop aggression in Europe,” Sir Keir said at Prime Minister’s Questions.
There is no breakaway republic here. Putin is not a peacekeeper. A sovereign nation has been invaded.”.
If an invasion occurs, the prime minister promised to unleash a full package of sanctions. If not now, when?”
Ukraine conflict: Boris Johnson defends UK sanctions against Russia
In reply, Mr. Boris Johnson said: “I think people don’t realize how far ahead we are. We have sanctioned 275 people already.”
“There’s more to come.” He said. “We are stopping Russia from raising sovereign debt, stopping companies from raising money, even stopping Russian companies from clearing in sterling and dollars on international markets.”
Additionally, Mr. Boris Johnson confirmed that Ofcom is reviewing Russia Today’s license to broadcast in the UK.
The bill will aim to “peel back the facade” of beneficial ownership of UK property and companies by Russians and others during the next parliamentary session.
Sir Keir said this should be brought forward to the current session, and Labour would support it.
“Operational security reasons” prevented Downing Street from providing further details on the equipment provided to Ukraine.
In addition, the UK has promised to impose sanctions on Russian legislators who voted in favor of the breakaway states in eastern Ukraine.
On Wednesday, the prime minister’s Boris Johnson spokesman said, “We can do this under existing legislation.”.
“We are analyzing the evidence to bring forward new designations against 351 members of the Russian State Assembly [or Duma] and members of the Federation Council.”
Also, the EU has said parliamentarians who backed Mr. Putin over Ukraine will be sanctioned.
It has now extended them to 27 more “high-profile” individuals and entities, bringing the total number affected to 555 individuals and 52 entities.