Ukraine conflict: UK sanctions target Russian banks and oligarchs

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What do today's sanctions imposed on Russia mean? Economics Editor BenChu_ has the details, and the possible effects on you. Newsnight

Foreign Secretary Liz Truss said the UK would "not rest until Russia's economy has been degraded and Ukraine's sovereignty and territorial integrity restored".

These new measures will hit the Russian economy much harder. But there are still potential gaps. The prime minister said sanctions will take place against major Russian banks. But one, Sberbank, was not mentioned. And the real trouble with sanctions is they don't work quickly. They do increase pressure, and they can do damage.

Conservative MP Tom Tugendhat, who chairs the Foreign Affairs Committee, urged Mr Johnson to take action against those "enabling Putin's economy" - including individuals who sit on the boards of the businesses which finance the Russian president's regime.

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