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<p>New legislation was laid in parliament on financial measures. These measures will
prevent Russian banks from clearing payments in sterling and will apply to Russia's
largest bank - Sberbank. With around 75 percent of Russian trade denominated in dollars,
euros or sterling, our coordinated action will damage Russia's ability to trade with
the world. On average, the UK financial system clears around £0.4 billion of sterling
payments to and from Russian banks daily - equating to £146 billion per annum. Stopping
access to sterling will mean Russian banks cannot use UK financial markets, invest
in the UK, and pay for trade in Sterling.</p>
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