British Prime Minister Boris Johnson said on Tuesday that they will do more to exclude Russian banks from the SWIFT system and freeze their assets, as reported by Reuters.

Additional takeaways

"The odds have always been heavily against the Ukrainian armed forces."

"It's already clear Putin will ultimately fail in Ukraine."

"We must prepare for an even larger outflow of refugees, perhaps in the millions."

"Europe must finally wean ourselves off Russian oil and gas."

"We are ready for a prolonged crisis."

"There is only one way out and that is for Putin to turn back the tanks."

"It is hard to see how Putin can be seen as a valid interlocutor."

"I cannot pretend this is something the UK can fix by military means."

"Reasonable for Ukraine to ask for EU membership."

Market reaction

The British pound struggles to find demand on Tuesday and the GBP/USD pair was last seen posting small daily losses near 1.3400.