The UK Government has blocked access for Russia to Britain’s professional services exports.
Foreign Secretary Liz Truss has announced the ban, which includes access to management consultancy, accountancy and PR services, which account for 10% of Russian imports in these sectors.
In a statement, Westminster said Russia is heavily reliant on Western services companies for production and export of manufactured goods.
Liz Truss said: “Doing business with 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.”
It comes as several UK-based oil and gas firms are seeking to exit the country, including Wood plc, whose work in Russia accounts for 1% of revenues.
Fellow Aberdeen-based firm Plexus announced in March it would suspend activities in the country, while KCA Deutag said it would suspend new investments in Russia.
Other international firms including Worley, Schlumberger, Halliburton and Baker Hughes have said they are suspending or halting Russian operations.
Today’s announcement has a particular focus on blocking disinformation content from Russian news sources Sputnik and RT.
A total of 63 new sanctions have been put in place, many of which hit actors and organisations from mainstream media organisations.
Business secretary Kwasi Kwarteng said: “Our professional services exports are extraordinarily valuable to many countries, which is exactly why we’re locking Russia out.
“By restricting Russia’s access to our world-class management consultants, accountants and PR firms, we’re ratcheting up economic pressure on the Kremlin to change course.”