Support The Moscow Times!

George Osborne: Britain Willing to Pay Price for Russia Sanctions

Britain's Chancellor of the Exchequer George Osborne speaks during a news conference in Mumba, India. Shailesh Andrade / Reuters

Britain is prepared to take an economic hit from further sanctions against Russia because the costs of not acting would be greater, British Finance Minister George Osborne said on Monday.

Osborne said no one should doubt Britain's resolve to punish those responsible for Thursday's downing of a Malaysian jet, which killed 298 people.

U.S. Secretary of State John Kerry on Sunday laid out what he called overwhelming evidence of Russian complicity in the disaster.

"I would say ... any sanctions will have an economic impact, and we are prepared to undertake further sanctions," Osborne told BBC radio's Today program.

"But think of the economic hit ... of allowing international borders to be ignored, of allowing airlines to be shot down — that's a much greater economic hit for Britain and we're not prepared to allow that to happen."

Britain, Germany and France agreed on Sunday they should be ready to ratchet up sanctions on Russia when European foreign ministers meet in Brussels on Tuesday.

The 28-nation EU has been under pressure from the United States and Ukraine to take a harder line but some EU governments are wary of potential retaliation from Russia, the bloc's biggest energy supplier, if they imposed trade sanctions.

See also:

U.S. Defense Sanctions Toothless, But Europe's May Bite

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more