The UK is threatening to stop raising money for Russian companies in London

British Prime Minister Boris Johnson

LONDON (Reuters) – British Prime Minister Boris Johnson said on Tuesday Britain could prevent Russian companies from raising capital in London and acquiring ownership of companies in London and elsewhere if Russia invades Ukraine.

Britain, the United States, the European Union and other allies have warned of tough sanctions if Russia invades.

Russia says it has no plans to invade and that some military units are returning to their bases.

The UK last week enacted new legislation that would allow it to impose broader sanctions than ever before on Russian companies and individuals determined to destabilize Ukraine or support the Russian government.

“What we are doing is we are committed to targeting specific Russian banks, Russian companies and exposing the facade of Russian assets in this city or elsewhere, or making sure to take further action,” Johnson told reporters.

“Furthermore, Russian companies are taking steps to prevent the accumulation of capital in London’s financial markets, so this is a very difficult package.

Johnson said that while there were some signs of a diplomatic start with Russia over Ukraine, recent reports of what was happening were not yet encouraging.

(Report by Kylie McClellan)

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