DAILY MAIL COMMENT: West tightens noose on Russia's economy

DAILY MAIL COMMENT: West tightens noose on Russia’s economy

First the illegal invasion. Now the hideous war crimes.

Frustrated by the heroic resistance of Ukrainian fighters, Vladimir Putin has resorted to cluster bombs – savage, indiscriminate weapons banned by the UN.

At least one school, homes and a shopping centre were among buildings blitzed in Ukraine’s second city, Kharkiv, with dozens of civilian fatalities, including children.

But this appalling savagery has had an unintended effect. The Western alliance, which looked distinctly shaky in the early stages of this crisis, is now united in its resolve to punish him.

Vladimir Putin has propelled his people into an insane war

Yesterday Britain, the US and EU despatched Putin and his contemptible regime to the financial, commercial and cultural equivalent of Siberia.

They blocked all financial transactions involving the Russian central bank, finance ministry and national wealth fund, as well as individuals involved with those organisations. Even Switzerland, where tyrants have long salted away their ill-gotten gains in secret, is expected to join the punitive action.

This ratcheting up follows earlier sanctions on oligarchs, firms and financial institutions and Russia’s expulsion from the Swift global banking system.

The combined result is hundreds of billions of pounds frozen and the rouble reduced to the status of junk currency. To stem roaring inflation, interest rates have shot up to 20 per cent. Sadly, ordinary Russians will be worst hit as the price of food and other essentials rockets.

But it will also intensify anger that their leader has propelled them into this insane war and fuel the anti-Putin demonstrations already going on in many Russian cities.

The question now is whether to place sanctions on the sale of Russian gas. It would make global prices spike further and add to the deepening cost-of-living crisis.

However, nothing should be off the table. The West has shown laudable unity in standing up to Putin’s cruel imperialism. This pressure must be kept up.

An inspiring response

The plight of hundreds of thousands of frightened refugees filing in vast columns towards Ukraine’s borders has truly touched the hearts of Mail readers.

In 48 hours you helped raise an astonishing £1.2million to help feed and accommodate blameless victims of Russian aggression and keep them warm on their tragic flight.

Over several decades, Mail newspapers have launched many charity appeals, and your kindness has always been humbling. But never have we raised so much so soon.

It shows the empathy you feel with the beleaguered Ukrainians, mostly women and children. We trust that Government will take its cue from your example.

Boris Johnson has rightly pledged absolute solidarity with Ukraine, and ministers now have to show Britain’s good faith by helping provide sanctuary for the dispossessed.

There must of course be some sort of visa system, but the UK must err on the side of generosity. In their hour of need, it’s our duty to reach out the hand of friendship.

Fill the power vacuum

Business Secretary Kwasi Kwarteng is adamant that fracking will not solve high gas prices. He is far less clear about how our energy gap will be plugged without it.

We are in the absurd position of having to buy gas from tyrants such as Putin and importing shale gas in tankers from the US to keep the lights on. This is environmentally unsound and economically illiterate.

If fracking is out, we must be less pusillanimous about exploiting North Sea fields and massively increase nuclear power. Ensuring energy security is a fundamental duty of Government. Increasingly, it’s a duty in which we are being failed.

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