The Chancellor has called on UK firms to “think very carefully”
about any investments that would support the Putin regime, in the
wake of his illegal and unprovoked invasion of Ukraine.
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Chancellor calls on firms to “think
very carefully” about any investments that would in any way
support the barbaric Putin regime
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Sunak welcomes commitments already made by firms and
investors to divest away from Russian assets and is “crystal
clear” that he supports any further signals of intent
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Move is part of government strategy to inflict maximum
economic pain on Putin and his regime – and to stop further
bloodshed
welcomed commitments from
firms such as BP, Shell, Aviva, M&G and Vanguard, who have
announced their intention to reduce or sell holdings in Russia in
recent days.
And in a bid to ensure Putin and his regime feel maximum economic
pain, he said there was no argument for new investment in the
Russian economy from UK firms.
Chancellor of the Exchequer said:
I welcome commitments already made by a number of firms to divest
from Russian assets – and I want to make it crystal clear that
the government supports further signals of intent.
I am urging firms to think very carefully about their investments
in Russia and how they may aid the Putin regime – and I am also
clear that there is no case for new investment in Russia.
We must collectively go further in our mission to inflict maximum
economic pain - and to stop further bloodshed.
The Chancellor and Economic Secretary met with asset managers and
owners last week to discuss UK investment in Russia – and
welcomed the consensus on the need to economically isolate Putin
and his regime.
The Chancellor’s call is part of the government’s strategy to
hold Putin to account and to send a clear message that the
invasion will come at a huge economic cost to Russia.
The government recognises that some firms may find winding down
their positions is a long-term process, given market conditions
and the ability to sell assets due to the global sanctions placed
on the Russian economy. However, the Chancellor has been clear
about the value of the strong signal of intent made by many firms
to date, and said the government would do all it could to stand
behind and support businesses who want to divest.
The UK has worked with allies to impose sweeping sanctions on
Russia. This includes designating more than 300 individuals and
entities at the heart of Putin’s regime, freezing tens of
billions of pounds in assets, and working at pace to sanction
more oligarchs with close links to the Kremlin.
The Prime Minister has also been clear that there will be
impacts, and we must do everything we can to protect consumers
and the public. We are already providing support worth around £21
billion during this year, and next, to help people with the cost
of living and we will continue to monitor the economic impact of
the conflict and keep our approach under review.
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