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
31 Jul, 2023 14:33

UK businesses ignoring anti-Russia sanctions – The Times

Some British manufacturers have reportedly continued exporting equipment for the fossil fuel and mining industries
UK businesses ignoring anti-Russia sanctions – The Times

British manufacturers have been supplying Russia with key industrial equipment despite Western sanctions, The Times reported on Monday, citing statistics from investigative group Data Desk.

The outlet’s analysis of trade data showed that despite the British government’s claims to have implemented the “most severe economic sanctions ever imposed on a major economy,” UK companies have still been permitted to export equipment important for Russia’s fuel and mining industries.

Export data showed that a subsidiary of construction company Hill & Smith continues to supply pipes that are installed on gas pipelines in Russia. Hill & Smith said last year it had “no direct customers or suppliers” in Russia, the report noted.

Many other companies based in the UK are also allowed to supply Russia with equipment for key areas of the mineral extraction industry, The Times wrote.

Following the start of the conflict in Ukraine, the UK stepped up sanctions against Russia, banning new investment in the country and restricting imports of Russian oil, coal, and gold, and exports of key industrial goods, among other measures. London has also frozen £26 billion ($33.4 billion) in assets and reserves belonging to the Russian state since the beginning of the conflict, according to the Bank of Russia.

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

Podcasts
0:00
26:53
0:00
26:45