UK Lays Out Next Sanctions Package on Russia Following Annexation of Regions in Ukraine
The U.K. imposed new sanctions pertaining to Russia's escalation of the conflict in Ukraine by annexing the Donetsk, Luhansk, Kherson and Zaporizhzhiz, the government announced Sept. 30. The new restrictions include bans on export of services and the designation of Elvira Nabiullina, the governor of the Central Bank. The U.K. said Nabiullina "has been instrumental in steering the Russian economy" through the invasion of Ukraine by extending the ruble into Ukrainian lands occupied by Russia.
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The new ban on services covers a range of industries since Russia imports 67% of its services from sanctioning countries, the U.K. said. Britain barred Russian access to IT consultancy, architectural, engineering, advertising, transactional legal advisory and auditing services. The ban on exporting transactional legal advisory services will cover various commercial and transactional services to hamper Russia's businesses' capability to work internationally, the government said.
The export bans cover nearly 700 goods central to Russia's industrial and technological capabilities worth over $225 million last year. The U.K. also suspended the process by which actions taken to manage the orderly failure of Russian banks are recognized under Britain's laws in cases where the bank is sanctioned.