The Government has set out its “toughest ever” sanctions on Russia, such as freezing the assets of its major banks, banning Aeroflot from landing in the UK and financial restrictions on oligarchs.
Here are five other ways the West could target Russia:
1. Cut it off from Swift, the global system banks use to make cross-border payments. Analysts say it would shrink Russia’s economy by 5%. But it could hit nations with major trade links with Russia, and push Russia into using China’s alternative, Cips, boosting their association.
2. Implement a no-fly zone over Ukraine. This would limit Russia’s ability to conduct airstrikes but it would need policing. Defence Secretary Ben Wallace ruled it out saying it would require NATO to declare war.
3. Target Putin personally. He earns about £100,000 a year and declares only a few assets. But Russian analysts say he has a personal fortune of £149billion and a Black Sea palace. The UK and EU intend to freeze the assets of Putin and foreign minister Sergei Lavrov but it will be difficult if nobody knows how much Putin has or where it is.
4. Impose sanctions on members of the Duma and Federation Council. Instead of oligarchs, there is an argument that the West should focus on the two houses of Russia’s parliament. The UK plans sanctions against their 571 members but has not said when.
5. Cut all trading links. The most effective way to inflict economic pain, it would end the West’s reliance on Russian oil and gas. Britain relies less on Russia’s energy but imports £4.2bn worth of its goods a year. It could lead to yet more energy price rises.
