icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
9 Mar, 2022 11:15

UK bans aviation & space tech export to Russia

British insurers are restricted from servicing these sectors
UK bans aviation & space tech export to Russia

The UK has banned the export of aviation and space-related products and technology, including technical assistance, to Russia due to Moscow’s military operation in Ukraine, the Foreign Office announced on Wednesday.
In addition, British insurers will be prohibited from providing services to Russian companies working in these two spheres, the authorities said. The Foreign Office is also canceling the coverage of existing insurance policies, which means that UK insurers will not be able to pay compensation under previously signed contracts with Russian firms.

The new measures are aimed to “further tighten the growing economic pressure on Russia and ensures the UK is in line with sanctions imposed by our allies.”

According to Foreign Secretary Liz Truss, the UK government now has new powers to detain any Russian aircraft in the UK, and has made it a criminal offence for any Russian aircraft to fly or land in the country.

Banning Russian flagged planes from the UK and making it a criminal offence to fly them will inflict more economic pain on Russia and those close to the Kremlin. We will continue to support Ukraine diplomatically, economically and defensively in the face of Putin’s illegal invasion, and work to isolate Russia on the international stage,” Truss said.

On February 24, Russia launched a military operation in Ukraine to protect the newly recognized independence of the Donbass republics, which have faced sporadic shelling from the Ukrainian Army since they broke away from Kiev in 2014. Moscow has repeatedly said its plans do not include the occupation of Ukraine. However, a number of mostly Western states, including the US, EU, UK, and Canada, imposed sanctions against Russian individuals, banks and legal entities, as well as restrictions on the export of high-tech products to Russia. A number of multinationals have temporarily severed ties with the country.

For more stories on economy & finance visit RT's business section