West could cut US dollar access for Russian companies, UK's Johnson says
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
January 30, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, JANUARY 30, 2023
West could cut US dollar access for Russian companies, UK's Johnson says

World+Biz

Reuters
20 February, 2022, 03:30 pm
Last modified: 20 February, 2022, 03:34 pm

Related News

  • Russia rules out talks with Japan on fishing near disputed islands
  • Total of 321 heavy tanks promised to Ukraine - Ukraine ambassador to France
  • Ukraine sets up drone assault units
  • Russian banking profits could exceed 1 trillion roubles in 2023, says c.bank
  • Hungary will veto EU sanctions on Russia on nuclear energy

West could cut US dollar access for Russian companies, UK's Johnson says

Britain, home to the centre of global foreign exchange trading, had threatened to block Russian companies from raising capital in London and to expose property and company ownership if Russia invades Ukraine

Reuters
20 February, 2022, 03:30 pm
Last modified: 20 February, 2022, 03:34 pm
British Prime Minister Boris Johnson speaks during a meeting with Ukrainian President Volodymyr Zelenskiy (not pictured) during the Munich Security Conference in Munich, Germany, February 19, 2022. Photo :Reuters
British Prime Minister Boris Johnson speaks during a meeting with Ukrainian President Volodymyr Zelenskiy (not pictured) during the Munich Security Conference in Munich, Germany, February 19, 2022. Photo :Reuters

The United States and Britain would seek to cut off Russian companies' access to US dollars and British pounds if the Kremlin orders an invasion of Ukraine, British Prime Minister Boris Johnson told the BBC.

"The plan that we are seeing is for something that could be really the biggest war in Europe since 1945 just in terms of sheer scale," Johnson said.

Johnson said that sanctions on Russia in the event of an invasion would go much further than previously suggested in public.

He said the United Kingdom and the United States would stop Russian companies "trading in pounds and dollars" - a move that he said would "hit very, very hard" with its impact, the BBC reported.

Britain, home to the centre of global foreign exchange trading, had threatened to block Russian companies from raising capital in London and to expose property and company ownership if Russia invades Ukraine.

Russia denies it plans to annex another part of Ukraine and President Vladimir Putin says the West is sowing hysteria in a crude attempt to lure Russia into war after ignoring the Kremlin's concerns about NATO enlargement after the Cold War.

Russia has more than 150,000 troops on the Ukrainian border and the United States, Britain, the European Union and NATO fear Putin may be planning to invade in a bid to restore some of the territory and clout lost by Moscow when the Soviet Union collapsed in 1991.

Given Russia's position as one of the world's top exporters of oil, gas and metals - which are largely priced and settled in US dollars - blocking Russian companies from access to dollar markets could have a stinging impact.

Putin has repeatedly called for reducing reliance on the US dollar trade.

Russia's largest oil company Rosneft fully switched the currency of its contracts to euros from US dollars to shield its transactions from US sanctions, CEO Igor Sechin said in 2019.

Johnson has said the government would target Russian banks and Russian companies. Britain has not spelled out who would fall under the sanctions, but has pledged that there would be nowhere for Russian oligarchs to hide.

Hundreds of billions of dollars have flowed into London and Britain's overseas territories from Russia since the fall of the Soviet Union in 1991, and London has become the Western city of choice for the super-wealthy of Russia and other former Soviet republics.

Western intelligence services believe Putin may order an unconventional attack on Ukraine which might require the West to make a swift judgement call on the imposition of Russian sanctions, a senior Western official said on Friday.

"In that situation, the reality is that it would be more difficult to call exactly when a line had been crossed," the official said. "When we judge that Russia crossed a line on this... then we need to act quickly and at scale in terms of our sanctions response."

Top News

west / US dollar / Russia / UK / Johnson

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Collected
    Economic slump drags down growth in VAT collection from big cos
  • It's corruption that bites business harder: CPD
    It's corruption that bites business harder: CPD
  • Photo: Masum Billah/TBS
    How the Padma Bridge motorbike ban spawned a new business

MOST VIEWED

  • Former Pakistan's Prime Minister Imran Khan. Photo: Collected
    Imran Khan to contest from 33 seats in Pakistan National Assembly bypoll
  • British Prime Minister Boris Johnson speaks at the Commonwealth Business Forum at the International Convention Centre (ICC), in Birmingham, Britain, July 28, 2022. Peter Byrne/Pool via REUTERS
    'Don't want to hurt you': Boris Johnson's shocking revelations on Vladimir Putin
  • FILE PHOTO: Turkish President Tayyip Erdogan addresses lawmakers of his AK Party during a meeting in parliament in Ankara, Turkey, January 18, 2023. Presidential Press Office/Handout via REUTERS/File Photo
    Turkey's Erdogan signals Finland's NATO bid may be considered over Sweden
  • NATO Secretary General Jens Stoltenberg shakes hands with South Korean Foreign Minister Park Jin during their meeting at the Foreign Ministry in Seoul, South Korea January 29, 2023. Kim Min-Hee/Pool via Reuters
    NATO's chief urges South Korea to step up military support for Ukraine
  • Rodney Wells, a stepfather, and RowVaughn Wells a mother of Tyre Nichols, a young Black man who was killed during a traffic stop by Memphis police officers, take the stage with their attorney Ben Crump, during a news conference at Mt. Olive Cathedral CME Church in Memphis, Tennessee, U.S., January 27, 2023. REUTERS/Alyssa Pointer
    Tyre Nichols' death must galvanize efforts to reform police: Family attorney
  • Eyewitness footage shows what is said to be the moment of an explosion at a military industry factory in Isfahan, Iran, January 29, 2023, in this still image obtained from a video. Pool via WANA (West Asia News Agency) via REUTERS
    Israel appears to have been behind drone strike on Iranian factory - US official

Related News

  • Russia rules out talks with Japan on fishing near disputed islands
  • Total of 321 heavy tanks promised to Ukraine - Ukraine ambassador to France
  • Ukraine sets up drone assault units
  • Russian banking profits could exceed 1 trillion roubles in 2023, says c.bank
  • Hungary will veto EU sanctions on Russia on nuclear energy

Features

Photo: Courtesy

The Hawkers: Where minimalism meets motifs

1h | Brands
Illustration: TBS

Where do Shariah-compliant mutual funds stand in Bangladesh

34m | Panorama
Sketch: TBS

A subsidy war without winners

24m | Panorama
Photo: Collected

Oppo Reno 8T first look revealed!

1h | Brands

More Videos from TBS

Sarika Sabrin is waiting for a good film

Sarika Sabrin is waiting for a good film

16h | TBS Entertainment
Take your football game to the next level at Next Level academy

Take your football game to the next level at Next Level academy

17h | TBS SPORTS
“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

18h | TBS Round Table
What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

1d | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net