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15 Aug, 2022 10:38

Scale of damage to UK companies by anti-Russia sanctions revealed

Nearly three-quarters of British firms feel the impact of Western sanctions on Moscow, a survey shows
Scale of damage to UK companies by anti-Russia sanctions revealed

The vast majority of UK companies have suffered from Western sanctions imposed on Russia this year in response to the conflict in Ukraine, the Daily Mail reported on Monday, citing a survey by insurance agency Mactavish.

According to the survey, 71% of British businesses had assets that have been directly affected by the restrictions imposed on Moscow by the UK and other Western governments.

Nearly half of these firms reported cost increases and disruptions in production linked with the measures, while 44% said they had lost suppliers and 42% suffered personnel problems.

The financial sector was hit the hardest, with 92% of companies working in the industry reporting various problems due to exposure to assets and funds located in Russia.

Also, 84% of companies in the aviation industry reported losses because aircraft they had leased to Russian airlines have not been returned owing to Moscow’s counter-sanctions.

The UK, along with the US, EU and several other countries, imposed severe sanctions on Russia after the start of the country’s military operation in Ukraine in late February. The list of bans and restrictions placed on Moscow has been growing over the past five months and includes the freezing of Russian assets held abroad, personal sanctions against prominent businessmen and government officials, trade restrictions, a ban on the export of critical technologies and electronics, telecommunications and aerospace sectors, and others.

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