Rishi Sunak has asked British companies to stop investing in Russia while praising the companies who have done the same.

BP and Shell were the first few to withdraw their assets from Russia. Aviva, M&G, and Vanguard, followed suit.

This comes after firms globally started imposing sanctions on Russia.

Following Russia’s invasion of Ukraine, these companies, among others, have declared their plan to reduce or sell their investments in the country.

Meanwhile, Rishi Sunak, the chancellor of the UK has advised more businesses in the nation to do the same.

“I welcome the promises previously made by a number of companies to withdraw from Russian assets. Additionally, I want to be clear that the government supports future signals of intent,” Sunak added.

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“I’m encouraging companies to consider carefully about their investments in Russia and how they may help the Putin administration.

I’m also clear that new investment in Russia is unnecessary.” We must all work together to strengthen our efforts to cause maximum economic damage — and to prevent more killing.” Sunak concluded.

Last week, Sunak and the economic secretary, John Glen, met with fund managers and other top financial leaders to discuss UK investment in Russia.

Sunak praised the firms’ agreement on the need to economically isolate Putin and his government.

This has resulted in significant investment losses of Russian assets. Along with BP’s decision to sell its 20% investment in Rosneft, a Russian state-owned oil corporation.

As a result, costing them up to $25 billion (£19.1 billion).

Meanwhile, BlackRock, the world’s largest asset management firm having more than $10 trillion in assets under its management, has lost $17 billion on Russian bonds.

On behalf of clients, it handles more than $18 billion in Russian assets. These were frozen on February 28.

The impact of western sanctions on markets, has left the huge majority of those assets unsold. Including the two-week suspension of trading on the Moscow stock exchange,

The financial corporation HSBC is under pressure from the public to cut relations with Russian oil and gas companies, with some clients threatening to change banks.

According to polls conducted by the advocacy group 38 Degrees.

When Goldman Sachs and JP Morgan Chase announced that their businesses will be shut out, they were the first large US banks to do so.