Russian Foreign Minister Sergei Lavrov said on Wednesday that Russia will retaliate should Britain decide to impose new sanctions against Moscow over the conflict with Ukraine, as reported by Reuters.

Last Thursday, Britain published new legislation to allow the government to impose tougher sanctions.

“The UK can now sanction not just those linked directly to the destabilisation of Ukraine, but also Government of Russia affiliated entities and businesses of economic and strategic significance to the Russian government, as well as their owners, directors and trustees,” a foreign office statement said.

Market reaction

The GBP/USD pair edged lower on this headline and was last seen posting small daily gains at 1.3556.

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