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UK’s Sunak urges firms to leave Russia

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© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak attends a virtual press conference inside 10 Downing Street in central London, Britain March 3, 2021. Tolga Akmen/Pool via REUTERS/File Photo

LONDON (Reuters) – British finance minister Rishi Sunak called on more British companies on Sunday to wind down their existing investments in Russia and said new investments should be halted after President Vladimir Putin’s decision to invade Ukraine.

“While I recognise it may be challenging to wind down existing investments, I believe there is no argument for new investment in the Russian economy,” Sunak said in a video message on Twitter (NYSE:TWTR).

“I am urging asset owners and managers to think very carefully about any investment that would in any sense support Putin and his regime.”

Several major British firms have announced they will sell or reduce their interests in Russia – such as power giants BP (LON:BP) and Shell (LON:RDSa) and investment firm Aviva (LON:AV) – and Sunak said others doing so would have the government’s backing.

“I want to make it crystal clear that if firms or investors decide that they need to end their financial relationship with Russia, then the government fully supports you,” he said.

UK’s Sunak urges firms to leave Russia

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