cameron-merkel-cri_2847414bSanctions will be imposed on Russia within days unless it loosens its grip on the Ukrainian territory of Crimea, David Cameron announced today. The City of London and the defence industry could suffer as a result Britain has learnt from history that it must “stand up to aggression” and cannot stand by “when nations are trampled over”, the Prime Minister said. Britain, the EU and the US are drawing up a list of Russian officials who will see their off-shore bank accounts frozen and banned from travelling to the West unless it steps back from annexing the Crimean peninsula. Defence co-operation is also under review, with a presumption that arms contracts will be scrapped. Mr Cameron, speaking after talks in Hanover with German President Angela Merkel, said he would “ratchet up the pressure” on Vladimir Putin if he attempts to “legitimise” a Russian-backed referendum on Crimea leaving Ukraine on Sunday. MORE