The new measures which are to be implemented mean Russia’s businesses will no longer be able to benefit from the UK’s management consultancy, PR services and accountancy. It is worth underlining that these sectors account for 10% of Russian imports. 

Russia’s production of manufactured goods relies heavily on Western services such as the ones mentioned above. Therefore, the latest measures are expected to apply additional pressure on the Kremlin’s siege economy.

“Doing business with Putin’s regime is morally bankrupt and helps fund a war machine that is causing untold suffering across Ukraine. Cutting Russia’s access to British services will put more pressure on the Kremlin and ultimately help ensure Putin fails in Ukraine.” – Foreign Secretary Liz Truss told the media. 

“Our professional services exports are extraordinarily valuable to many countries, which is exactly why we’re locking Russia out. By restricting Russia’s access to our world-class management consultants, accountants and PR firms, we’re ratcheting up economic pressure on the Kremlin to change course” – Business Secretary Kwasi Kwarteng added. 

Foreign Secretary Liz Truss has also announced a total of 63 additional sanctions, going from travel bans to assets freezing, among others. 

Image: Unsplash

Author: Sébastien Meuwissen