Yahoo News Brits will feel economic pain over Russian sanctions, Liz Truss warns
British people will be hit financially due to sanctions on Russia, the foreign secretary warned on Monday.
Liz Truss made the statement as she outlined further measures against Vladimir Putin in the House of Commons as the Russian president continued with his brutal onslaught that has left hundreds of Ukrainian civilians dead and forced hundreds of thousands to flee their homes.
Fighting has entered its fifth day after the invasion was launched last week, leading Nato and European nations to band together by imposing harsh sanctions, as well as providing humanitarian and weapons support to Ukraine.
On Monday, Ukraine reported that dozens of civilians were killed in its second biggest city, Kharkiv, following reports of heavy and indiscriminate shelling from Russian forces.
Speaking to MPs, Truss said Brits would face "economic hardship" in the coming days and months as a result of measures by the West on Russia.
The UK has joined its international allies by introducing widespread sanctions, including freezing the assets of Russian oligarchs and Russian banks.
"The UK and our allies will have to undergo some economic hardship as a result of our sanctions," Truss told MPs.
"But our hardships are nothing compared to those injured by the people of Ukraine."
Warnings of further economic hardship come as millions of Brits are already struggling with the growing cost-of-living crisis driven by soaring energy bills, tax hikes, and inflation hitting a 30-year high.
Household budgets are set to be squeezed further when the energy price cap increases by 54% in April, meaning the average annual energy bill will rise by £693 to £1,971.
Sanctions on Moscow - combined with the potential for retaliatory action - are likely to push up costs further due to Western reliance on gas bought from Russia.
While Russia only provides 3% of British gas, it supplies up to 40% of Europe's - and any disruption to this is likely to have a knock-on effect on the wholesale cost everywhere and mean higher prices for consumers.
Elsewhere, other essentials are at risk. Ukraine is the biggest supplier of wheat to the continent, meaning basic food stuffs, such as bread, could see price increases and shortages.
On Friday Conservative MP Tom Tugendhat, chair of the foreign affairs select committee, warned the war would worsen the cost-of-living crisis across the UK.
"If we let this pass, then you can forget about petrol £1.70 a litre [for petrol], which is where it’s heading right now," he told Radio 4's Today programme.
Read more: Liz Truss supports Brits going to Ukraine to fight as she warns conflict could last 'years'
"It will be significantly higher, and you can forget about bread at 80p, 90p, £1 a loaf...
"You know, 10% of the world’s wheat is grown in Ukraine - and the idea that this year is going to be a good crop... I’m afraid this is for the birds."
Watch: More UK sanctions on Moscow as Britons advised against all travel to Russia
