This is part of a raft of sanctions the government has imposed on Russia due to the war in Ukraine. By bringing these measures and designations into force, the government hopes to deter further Russian aggression in Ukraine and encourage Russia to the negotiating table.

The latest measures came into force on 21 July 2022 and additionally target ancillary services – related technical assistance, financial services and funds, as well as brokering services related to the trade of all products sanctioned.

The primary cost to UK businesses will be the opportunity cost of future profit they may have made from the export of goods and services that will be subject to restrictions under the new measures estimated at £263m.