Russian companies to be BANNED from trading in pounds and dollars in blow to Putin if he invades Ukraine, Boris says

PRIME Minister Boris Johnson has issued a further thunderous attack on Vladimir Putin, threatening to cut off Russian firms’ access to US and UK markets if he orders a Ukrainian invasion. Speaking to the BBC, the PM warned that we are potentially facing the biggest conflict in Europe since the end of World War Two. Boris Johnson has threatened to cut off Russian firms’ access to pounds and dollars AFPVladimir Putin accuses the West of trying to lure Russia into war with Ukraine[/caption] “The plan that we are seeing is for something that could be really the biggest war in Europe since 1945 just in terms of sheer scale,” he said. Johnson warned Putin that any Russian sanctions in the wake of an invasion of Ukraine would go far further than previously suggested. He said the UK and the US would stop Russian companies “trading in pounds and dollars” in a move that would “hit very, very hard”. The Prime Minister said: “We have to accept at the moment that Vladimir Putin is possibly thinking illogically about this”. Asked on BBC One’s Sunday Morning Programme about the difficulty of taking actions against Russia because of warnings that Russians with links to President Putin are integrated in to the UK business and social scene, Boris Johnson said: “We are making sure that we open up the Russian doll of property ownership, of company ownership, in London and see who’s behind everything. And we’ve got to do it and we’ve got to hit very hard.” He acknowledged “that may not be enough on its own”, adding “it will be very damaging and very difficult”, but “it may not be enough to deter an irrational actor”. Johnson said: “We have to accept at the moment that Vladimir Putin is possibly thinking illogically about this and doesn’t see the disaster ahead. “I think it’s vital for us all now to get over what a catastrophe it would be for Russia.” Most read in News FREE AT LAST Boris to announce end of isolation rules TOMORROW in victory against Covid PRINCE OF DARKNESS Andrew making secret nightly visits to see the Queen at Windsor Castle LAUGHING STOCK Prince Andrew 'ridiculed by Palace aides who mock him with nursery rhyme' KILLER STORM Tributes to dad, 23, as he's killed when tree crashed into his truck in storm 'TRULY MISSED' James Cameron leads tributes to Oscar winner after tragic death at 59 SICK ATTACK Terrifying moment thug grabs woman from behind and pins her to the ground Britain has already threatened to block Russian companies from raising capital in London and to expose property and company ownership in the event of an invasion. Russia continues to deny it plans to annex eastern Ukraine, and Putin has claimed the West is trying to lure Russia after ignoring the Kremlin’s concerns about NATO expansion. Up to 200,000 Russian troops are massed along the Ukrainian border. Any blocking of Russian companies’ access to dollar markets could hit the Kremlin hard, given the country is one of the world’s top exporters of oil, gas, and metals, which are largely priced and settled in US dollars.Putin has repeatedly called for reducing his country’s reliance on the US dollar trade. In 2019, Russia’s largest oil company Rosneft successfully switched the currency of its contracts from dollars to euros to shield its transactions from US sanctions. Since the fall of the Soviet Union in 1991, London has become the destination of choice for Russian and ex-Soviet oligarchs, with hundreds of billions of dollars flowing into the UK and British overseas territories.Western intelligence services have warned Putin may order an unconventional attack on Ukraine, forcing the West’s hand on imposing further Russian sanctions. “In that situation, the reality is that it would be more difficult to call exactly when a line had been crossed,” the official said. “When we judge that Russia crossed a line on this… then we need to act quickly and at scale in terms of our sanctions response.”