UK imposes sanctions against three Russian airlines

The British Government announced on Thursday new sanctions against the Russian air sector.

The state airline Aeroflot, the largest in Russia, Ural Airlines and Rossiya Airlines will not be able to sell their unused landing slots at UK airports, which will prevent Russia from cashing in some £50m.

Foreign Minister Liz Truss stated that: “As long as Putin continues his barbaric assault on Ukraine, we will continue to attack the Russian economy.”

“We have already closed our airspace to Russian airlines. Today we make sure they can’t cash in on their lucrative landing slots at our airports. Each economic sanction reinforces our clear message to Putin: we will not stop until Ukraine prevails.”

The United Kingdom was one of the first countries to apply sanctions to Putin and his allies; banned entry to Russian ships and planes and they took away the privilege of benefiting from world trade.

International sanctions are having a significant impact on Putin and his war machine. The Central Bank of Russia itself has admitted that sanctions they are a big challenge for Russian supply chains.

The sanctions directly affect several weapons manufacturers, forcing them to suspend their activity due to lack of parts. The capabilities of defense companies are restricted, limiting Russia’s ability to substitute advanced technology including drones and reducing its ability to produce military vehicles.

According to a statement from the English government, Russia’s energy exports, vital for the country, are also being reduced: Crude oil exports down 30% in April and they are expected to continue to fall as sanctions take their toll.

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Photo: Reuters

Through coordinated action by the G7 to phase out oil imports, along with a ban on critical oil refining and catalyst products, international allies are tightening the grip on Putin’s most reliable source of income.

Tough economic sanctions are also having a long-term impact on the Russian economy. Although the Kremlin has managed to stabilize the ruble, Russia remains exposed to its deepest recession since the collapse of the Soviet Union. Forecasts indicate that Russian GDP will shrink between 8.5% and 15% this yearand the IMF expects the economy to shrink a further 2.3% in 2023.

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