Johnson Calls for ‘Toughest’ Russia Sanctions From UK Finance Industry

British Prime Minister Boris Johnson has told finance industry representatives, regulators and trade associations that he wants a tough next round of sanctions on Russia, Reuters said.

Johnson reportedly met with regulators and heads of top banks and finance sector industry groups, intending to talk about the government’s approach.

This comes after Moscow has escalated fears of a full Ukraine invasion and recognized breakaway regions.

Johnson reportedly told the meeting that he wanted the “toughest possible” next tranche of sanctions.

He said he thought it would “will make a difference and change the outcome. Putin must fail.”

Read more: US, Europe Levy Russia Sanctions, But All-out SWIFT Ban Not Likely Yet

PYMNTS wrote recently that there’s no conclusion yet whether Russian sanctions, including cutting off ties to U.S. banks, would bring enough pressure to persuade the country not to invade Ukraine.

Liquidity, access to capital markets and trade are vital for any country’s economy. What remains to be seen is what happens with SWIFT, the global network that connects far-flung financial services firms.

Cutting off SWIFT, shorthand for the Society for Worldwide Interbank Financial Telecommunications, has been a threat if Russia invades Ukraine.

SWIFT is governed by European law rather than U.S. But PYMNTS noted that the U.S. could build pressure to cut off Russia and create a ripple effect that could deter Russia’s actions.

The situation changes day by day, but so far there hasn’t been an official move to get Russia off the SWIFT network.

That said, the U.S. has said it could ban U.S. financial institutions from processing transactions from some big Russian banks.