UK tightens sanctions against Russia in concert with US and EU
February 28, 2022, 8:53 am

UK tightens sanctions against Russia in concert with US and EU

Stand with Ukraine protests (File photo: Euromaidan Press Facebook page)

The National Post reported, citing Reuters, Britain said on Monday it was taking further measures against Russia in concert with the United States and European Union, effectively cutting off Moscow’s major financial institutions from Western financial markets.

Britain banned any British entities from undertaking transactions with the Russian central bank, finance ministry and wealth fund, and said it would prevent Russian companies from issuing transferable securities and money market instruments in the United Kingdom.

The government said:“The UK Government will immediately take all necessary steps to bring into effect restrictions to prohibit any UK natural or legal persons from undertaking financial transactions involving the CBR, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation.”

Britain said it would have “a power to prevent designated banks from accessing Sterling and clearing payments through the UK.”

Finance minister Rishi Sunak said: “These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine.”

UK-London-Banking district (File photo: Pixabay)

Bank of England Governor Andrew Bailey said: “The Bank of England continues to take any and all actions needed to support the Government’s response to the Russian invasion of Ukraine.”

Britain said that the new sanctions also include further restrictions against Russian financial institutions and a set of measures to strengthen trade restrictions against Russia. More designations will be announced this week.

Russian President Vladimir Putin used an early morning address to the nation on Feb. 24 to order “a special military operation” against Ukraine just three days after recognizing two Russian-backed rebel regions of Ukraine.

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Putin put Russia’s nuclear deterrent on high alert on Sunday in the face of a barrage of Western-led reprisals for his war on Ukraine, which said it had repelled Russian ground forces’ attempts to capture urban centers.

Source: nationalpost

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”