London: Russia’s state-owned and biggest airlines Aeroflot, Ural Airlines and Rossia Airlines will now be unable to sell their lucrative landing slots at UK airports as part of new restrictions imposed by the Boris Johnson government on Thursday.
The additional sanctions, being imposed as a response against the ongoing Russia-Ukraine conflict, follow an earlier move to ban Russian airlines from landing rights in the UK. The UK Foreign Office said the move would prevent Russia from cashing in on the lucrative resource estimated at 50 million GBP. till [Russian President] Britain’s Foreign Secretary Liz Truss said that as Putin continues his barbaric attack on Ukraine, we will continue to target the Russian economy.
We have already closed our airspace to Russian airlines. Today we are ensuring that they do not cash in on their lucrative landing slots at our airports. “Each economic sanction reinforces our clear message to Putin that we will not stop until Ukraine is victorious,” he said. The news came as UK Transport Secretary Grant Shapps took over the chairmanship of the International Transport Forum, which he will use for a united response to Russia’s invasion of Ukraine.
Britain was one of the first countries to impose sanctions on Putin and his allies; “We have barred the entry of their ships and aircraft, strangling their privilege to profit from global trade and commerce,” Shapps said.
Today, the UK government has already taken strong action against Russia’s major carrier Aeroflot as well as Rossia and Ural Airlines. This means they will be unable to use their expensive landing slots at UK airports. Our action will also prevent Russia from selling slots and redeeming up to 50 million GBP, he added.
In addition to the ban from UK airspace, Russian ships are banned from UK waters and the export of aviation goods and technology is also prohibited under the embargo regime. Under the transport embargo regime, it is a criminal offense for any Russian aircraft to take off or land in the UK, with the British government having the power to remove aircraft belonging to designated Russian persons and entities from the UK Aircraft Register.
For British nationals leaving Russia, the Financial Sanctions Implementation Office will issue a general license to allow them to pay for tickets for flights originating in Russia. The UK Foreign, Commonwealth and Development Office (FCDO) claimed that international sanctions were having a significant impact on Putin and his war machine.
Russia’s own central bank has acknowledged that sanctions pose a major challenge to Russian supply chains.
According to the FCDO, the sanctions mean that many arms manufacturers have to suspend their activities due to a shortage of parts; The defense company’s capabilities are restricted, limiting Russia’s ability to replace advanced technology, including drones; And Russia’s domestic vehicle sales have declined 80 percent partly due to component shortages that are also reducing their ability to produce military vehicles.
Russia’s vital energy exports are also shrinking, with crude exports down 30 percent in April and are expected to fall further as sanctions are lifted. International allies are tightening vice on Putin’s most trusted revenue stream, along with sanctions on critical oil refining and catalyst goods, through coordinated action across the G7 to phase out oil imports, the FCDO said. FCDO said.
The Foreign Office noted that while the Kremlin has managed to stabilize the ruble, Russia is still headed for the deepest recession since the collapse of the Soviet Union.
Forecasts show Russia’s GDP is shrinking between 8.5 percent and 15 percent this year, with the International Monetary Fund expecting the economy to shrink a further 2.3 percent in 2023. The UK government has also approved over 1,000 people and over 100 businesses. The Russia-Ukraine conflict began in February.
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