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Foreign Secretary Liz Truss has announced that all Russian businesses will be banned from using the services of UK accountants and other professional services including PR and management consulting. This sanction is a further setback for the Russian economy, as the above services account for 10% of Russian imports in these sectors.
Moore suggests that UK businesses assess their individual situations with extreme caution and make plans to disengage from any business relationship with Russia based customers.
The official press release from the government can be found below. Please note, the release makes no specific reference to what action would be taken against companies who breach these sanctions, but the maximum penalties can be severe including unlimited monetary penalties and criminal prosecution.
You can find the full press release here.
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