The UK government has announced a ban on exports of management services to Russia, as it further ratchets up economic pressure on the Kremlin following its invasion of Ukraine.
Russia’s access to the UK’s management consulting, accounting, and public relations services will be cut off, Foreign Secretary Liz Truss said on May 4.
Russia is heavily reliant on Western services companies for the production and export of manufactured goods, and the UK accounts for 10 percent of Russian imports in these sectors, according to the UK Foreign Office.
Truss said in a statement: “Doing business with [Russian President Vladimir] 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.”
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