Russia Does Not Belong To International Financial System Says David Cameron, Plus New Sanctions Imminent -- Reports

According to reports, British Prime Minister David Cameron believes that the Western sanctions, along with the falling oil prices, corroborate that Russia does not belong to the international financial system. In addition, the British Prime Minister also called for more pressure on Moscow.

Apparently, when addressing the members of the Parliament on Wednesday, Cameron stated the following, "And what the combination of the lower oil price and the sanctions are showing that I think it isn't possible for Russia to be part of the international financial system, but try and opt out of the rules-based international legal system." He further added that everybody should be united in order to stand up against the Russian aggression. The PM also reportedly reminded that the UK headed the European countries to enforce sanctions against Russia. This is predominantly due to the annexation of Crimea in March and also for Russia's supposed intervention in the problems pertaining to Ukraine, according to RT.

The British PM was also quoted saying that for the sake of the UK's interest and democracy, a combined effort should be enforced to "keep up the pressure." Also it is worth noting that the EU is believed to impose a new set of sanctions against Russia on Thursday. Apparently, these sanctions will be dealt with during the European Council's meeting, scheduled in Brussels. On the other hand, the sanctions will prevent EU companies from investing in the Crimea and in turn will disallow the trade of European oil, in addition to stopping the gas exploration technologies from the EU.

As far as the U.S. is concerned, President Barack Obama has reportedly signed a legislation passing new sanctions on Russia. This time around, the sanctions are targeted on the weapons companies and investors in Russian oil projects. The good news for Russia, however, is that none of the aforesaid sanctions will become effective right away, as the U.S. President wants the European counterparts to be in sync with the latest plan/sanctions, reports RT.

Meanwhile, Russia is planning to stabilise the Rouble, in order to prevent the Russian currency from falling further against the dollar. Reportedly, the Russian central bank was quoted saying that in case of dire necessity, it would offer additional capital to Russian banks. Nonetheless, the Russian Rouble has recovered relatively from Tuesday's unprecedented fall, but then the trading still continues to be volatile, explains BBC. Overall, the central bank announcement helped the Russian currency to recover 10 percent higher against the Dollar.

As of Tuesday, one U.S. dollar translated to 79 roubles, but later, it recovered to 62 roubles, says the same site. Ksenia Yudayeva, deputy governor of Russian central bank, reportedly quoted saying, "These measures are intended to balance supply and demand on the foreign exchange market, which will help stabilise the rouble rate more quickly."

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