Putin’s sanctions weigh on UK firms

NEARLY two-thirds of UK firms have been hit by the effects of Russian sanctions since the start of the war in Ukraine, data shows.

A survey from insurance buyer Mactavish reported that 71pc of British businesses had assets that have been directly affected by sanction measures imposed on Russia.

Nearly half of these flagged up increases in costs and disruption to their production lines, while 44pc said they had lost suppliers and 42pc had experienced workforce issues.

The finance sector had fared the worst in the wake of the invasion, with 92pc of businesses in the industry suffering from sanction measures due to their exposure to assets and funds located in Russia.

Some 84pc of companies in the aviation industry reported losses as they struggled with leased aircraft being trapped in Russia.

Mactavish boss Bruce Hepburn said the pandemic and the war ‘have exposed the severe limitations in the industry, characterised by more cover restriction, less capacity, higher prices and more disputes.’