Liz Tras: The West has frozen 60% of Russia’s foreign exchange reserves


London Thanasis Gavos

More and faster measures to hurt the Russian economy were again asked by the West by the Minister of Foreign Affairs of the United Kingdom Liz Trass after her meeting in Warsaw with her Polish counterpart Zbigniew Rau.

Ms Trass said in a statement that Russia had “frozen more than $ 350 billion out of 604 billion in Russian foreign exchange reserves, or about 60 percent”. This is a slightly higher percentage than the previous official estimate.

He noted that coordinated sanctions were pushing the Russian economy “back to the Soviet era”, but stressed the need for more sanctions to ensure Putin’s defeat in Ukraine.

He specifically mentioned four measures: banning Russian ships from entering European ports, further blocking Russian banks, blocking gold trading by the Russian central bank and agreeing on a timetable for eliminating Russian gas and oil imports from the West.

“Although the Russian troops have been defeated in their initial attack in Kyiv, there has been no change in their intentions and ambitions. “We see Putin’s forces looking to the east and south of Ukraine with the same reckless contempt for human lives and their national independence,” she said, explaining the need for further sanctions.

Ms. Tras, who met yesterday in Warsaw with Ukrainian Foreign Minister Dmitry Kulebawas also received today by Polish Prime Minister Morawiecki.

It also had telephone conversations with its counterparts from Italy and Japan ahead of the G7 Foreign Ministers’ meeting in Brussels. At the meeting, Ms Trass is expected to insist on a timetable for imposing an embargo on Russian hydrocarbons.

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