Boris Johnson 5pm update: 10 major measures announced against Russia

The Prime Minister addressed Commons after vowing Vladimir Putin’s “hideous and barbaric venture” in Ukraine “must fail”.

Mr Johnson will hold a COBRA meeting at 7:30pm this evening before a cabinet meeting at 8:30pm.

Here is what he had to say.

UK will do its 'utmost' to support Ukraine

Speaking in the House of Commons he said: "At this stage, Ukrainians are offering a fierce defence of their families and their country.

"Earlier today, President Putin gave another televised address and offered the absurd pretext that he sought the de-militarisation and de-Nazification of Ukraine.

"In fact, he is hurling the might of his military machine against a free and peaceful neighbour in breach of his own implicit pledge and every principle of civilised behaviour between states.

"He will never be able to cleanse the blood of Ukraine from his hands. I'm driven to conclude that Putin was always determined to attack his neighbour, no matter what he did.

"Now we see him for what he is, a blood-stained aggressor who believes in imperial conquest."

Vladimir Putin a 'blood-stained aggressor'

Vladimir Putin a 'blood-stained aggressor' says Boris Johnson. (PA)

Vladimir Putin is a “blood-stained aggressor who believes in imperial conquest” and was “always determined to attack his neighbour, no matter what we did”, Prime Minister Boris Johnson told MPs.

Updating the Commons on his talks with G7 leaders and Nato secretary-general Jens Stoltenberg on Russia’s invasion of Ukraine, Boris Johnson said: “Putin will stand condemned in the eyes of the world and of history. He will never be able to cleanse the blood of Ukraine from his hands.

“Although the UK and our allies tried every avenue for diplomacy until the final hour, I am driven to conclude that Putin was always determined to attack his neighbour, no matter what we did.”

The Prime Minister added: “Now we see him for what he is – a bloodstained aggressor, who believes in imperial conquest.”

'Largest sanctions Russia has ever seen'

Boris Johnson told the Commons the UK will implement “the largest and most severe package of economic sanctions that Russia has ever seen” in response to the invasion of Ukraine.

Mr Johnson announced further steps to impose economic sanctions on Russia including a full asset seize on VBT Bank.

He said: 

"These powers will enable us to totally exclude Russian banks from the UK financial system... stopping them from accessing Sterling and clearing payments through the UK.

"With around half of Russia's trade currently in USD and Sterling, I'm pleased to tell the House that the United States is taking similar measures."

Russian nationals will face limits on the amount they can deposit in UK banks.

He also announced the "stringent export controls, similar to those that they in the US are implementing".

Boris Johnson told the Commons: “Overall we’ll be imposing asset freezes on more than 100 new entities and individuals, on top of the hundreds we’ve already announced.

“This includes all the major manufacturers that support Putin’s war machine.

“Furthermore, we’re also banning Aeroflot from the UK.”

10 major measures announced by Boris Johnson

• The Prime Minister plans to impose an asset freeze on all major Russian banks with an immediate freeze against VTB.
• Legislation introduced on Tuesday will prohibit the ability of all Russian companies to raise finance on UK markets.
• The UK will issue sanctions against individuals, entities and their subsidiaries.
• Plans to imminently ban the ability of certain aircraft to land in the UK.
• To suspend the use of export licences to Russia.
• Introduce legislation "within days" that will prohibit a wide range of high tech exports to Russia.
• Russian nationals will face limits on the amount they can deposit in UK banks.
• Work with G7 and NATO allies to shut off Russia's access to the SWFIT payment system.
• Full range of measures will be extended to Belarus for their role in the invasion of Ukraine.
• Bring forward the Economic Crime Bill which will take action against Russians who raise funds in the UK.