Sanctions update: UK bans services exports to Russia, cutting Russia off from UK services
Last week, the UK Foreign Secretary, Liz Truss, announced a ban on certain professional and PR services exports from the UK to Russia. The banned services include management consulting, public relations and accounting. The Foreign Secretary commented that the ban will help to ensure that Putin fails in Ukraine, by cutting off service exports that are fundamental to the Russian economy.
It is understood that the latest sanctions do not apply to the whole of the UK services sector, for example, estate agents and lawyers are not mentioned. However, it is expected that further restrictions are on the horizon, and so all businesses need to be aware and plan for the worst.
The latest measures will stop Russian businesses from benefitting from the UK’s brilliant management consultancy, accountancy and PR services. The most recent UK sanctions intend to further increase pressure on Putin, as Russia relies strongly on the UK’s services.
Other new sanctions have been announced by the Foreign Secretary, which target organisations from mainstream media organisations, and measures such as travel bans and asset freezes.
New legislation is in force, compelling social media organisations and internet services to block and shut down content from two of the sources of disinformation, which are RT and Sputnik. The further sanctions will target the people behind Putin’s propaganda campaign, including RT and Sputnik online. Combined with the existing measures and international partners, the UK is taking steps to apply more pressure to Putin’s regime and is taking steps to control and block disinformation.
It is important to keep up to date with the latest sanctions news and ensure that you are complying with the latest measures as new developments are frequent and the risks of failing to comply with the sanctions regime are potentially facing criminal proceedings, penalties and reputational damage. Now more than ever, because things are moving so quickly.
Bermans can help you understand your obligations and responsibilities. Please contact us to discuss.
Please note, this article is a general summary of the latest update and the UK banning certain professional and PR services exports to Russia. It is not intended to constitute legal advice, which will differ depending on your circumstances. This information was correct at the time of writing.