British Management Consultancies, Accounting and PR Services will stop working for Russian clients
The United Kingdom (U.K.) has announced new sanctions on Russia banning it from using British management consulting, accounting and Public Relations (PR) services.
The Foreign Secretary of U.K. – Liz Truss said that the ban will cut off service exports critical to the Russian economy. It will help put pressure on Russia. These services account for 10% of Russian imports in these sectors. Many of the big accountancy firms have already reduced their business in Russia and farmed off local staff.
Russian companies and oligarchs have long relied on U.K. based advisers, including consultants and PR professionals, to represent them in the West. The major U.K. auditors have employed more than 15,000 people in Russia, serving large companies across natural resources and banking.
Advisory firms such as Ernst & Young (E&Y) and Pricewaterhouse Coopers (PwC) have said they will not work for Russian Government entities, State-owned enterprises or sanctioned entities and individuals anywhere in the world. PR and management consultancy firms have also called off contracts with such clients.
Taking it to twitter, Liz tweeted,
NEWS: Today I announce a ban on services exports to Russia. Russian businesses will no longer benefit from the UK’s world class accountancy, consultancy and PR services.
— Liz Truss (@trussliz) May 4, 2022
We’re making sure that Putin fails in Ukraine. https://t.co/MTmLc0R2Ju
The U.K. has also sanctioned Russian media organisations and those working for them. The legislation is now in force requiring social media and internet services to block content from Russian state-controlled media houses like RT and Sputnik.
The Technology and Digital Economy Minister – Chris Philp said, “For too long RT and Sputnik have churned out dangerous nonsense dressed up as serious news to justify Putin’s invasion of Ukraine. These outlets have already been booted off the airwaves in Britain and we’ve barred anyone from doing business with them. Now we’ve moved to pull the plug on their websites, social media accounts and apps to further stop the spread of their lies.”
In March 2022, RT disappeared from all broadcast platforms in the U.K. after U.K. access to the TV network was affected by a ban imposed by the European Union (E.U.). The Office of Communications (Ofcom), the U.K. media regulator has also revoked its licence to broadcast in the U.K. Other media companies that have been sanctioned by U.K. include All Russia State Television and Radio Broadcasting, InfoRos, SouthFront and Strategic Culture Foundation.
The U.K. has also sanctioned war correspondents, including those embedded with Russian forces in Ukraine including All-Russia State Television and Radio Broadcasting Company’s Evgeny Poddubny, Komsomolskaya Pravda’s Alexander Kots and Komsomolskaya Pravda’s Dmitry Steshin. The journalists working for State-owned Channel One have also been sanctioned for describing the Ukraine invasion as special military operation.
As of now, U.K. has sanctioned more than 1,600 individuals and entities ever since Russian invaded Ukraine.
