The UK has announced a ban on transactions involving Russia's Central Bank, in the latest move to cut Moscow's financial institutions off from western markets.

The measures will also ban British financial institutions from transactions with Moscow's finance ministry and its sovereign wealth fund, and officials said it would prevent Russian companies from issuing transferable securities and money market instruments in the UK.

The new sanctions also include further restrictions against Russian financial institutions, measures to strengthen trade restrictions and a move to prevent some banks from "accessing Sterling and clearing payments through the UK."

More sanctions will be announced this week, officials said.

Chancellor Rishi Sunak said the measures "demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine".

He added that the move will impose "the highest costs on Russia and cut her off from the international financial system so long as this conflict persists".

BBC