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UK wants to block its PR and accounting firms from doing business with Russia – POLITICO

LONDON – Britain will bar Russian firms from using UK-based accounting, business advisory and public relations services, Foreign Secretary Liz Truss announced on Wednesday.

Under the plan, UK service companies in these sectors will be barred from exporting to Russian companies, many of whom use these services to support their own export businesses.

“Cuting Russia’s access to British services will put more pressure on the Kremlin and ultimately contribute to Putin’s failure in Ukraine,” Truss said. Doing business with Putin’s regime, she added, is “morally bankrupt.”

According to the UK government, these service companies account for 10 percent of Russian imports from the UK service sector. Last year UK service exports to Russia totaled £1.7 billion, accounting for about 37 per cent of total trade between the two countries. Business services accounted for £476m of these exports.

“Our exports of professional services are extremely valuable for many countries, and that’s exactly why we lock Russia out,” said Economy Minister Kwasi Kwarteng.

A number of large British PR firms have already ceased their Russian activities. Several other UK business services providers such as Deloitte, EY, KPMG and PwC have already done so moved to the exit Russia pending sanctions.

Truss also announced 63 new sanctions to hamper Russian propaganda channels RT and Sputnik and force social media, internet services and app stores to block their content.

People linked to Russia’s state broadcaster Channel One, including war correspondents identified by the UK and linked to Russian forces in Ukraine, including Evgeny Poddubny, Alexander Kots and Dmitry Steshin, will also face sanctions.

https://www.politico.eu/article/britain-to-bar-russia-from-u-k-services-sectors-pr-accounting-firms/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication UK wants to block its PR and accounting firms from doing business with Russia - POLITICO

Fry Electronics Team

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