West could cut U.S. dollar access for Russian companies, UK's Johnson says

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The United States and Britain would cut off Russian companies' access to U.S. dollars and British pounds if the Kremlin orders an invasion of Ukraine, British Prime Minister Boris Johnson said on Sunday.

The United States and Britain have repeatedly cautioned that Russia is about to invade Ukraine, a step Washington and London say would trigger the biggest conflict since the end of World War Two. Russia denies it plans to annex Ukraine.

Johnson, though, questioned if the threat of sanctions would be enough to deter Russian President Vladimir Putin because the Kremlin chief might not be thinking logically. Britain, home to the centre of global foreign exchange trading, has previously threatened to block Russian companies from raising capital in London and to expose what Johnson calls the "Russian doll" of property and company ownership.

Putin has repeatedly called for reducing reliance on the U.S. dollar trade and recent major energy contracts with China have been priced in euros.fully switched the currency of its contracts to euros from U.S. dollars to shield its transactions from U.S. sanctions, CEO Igor Sechin said in 2019.

 

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