The UK has placed new sanctions on Russia, blocking its citizens and businesses from purchasing an array of services from British firms, over the Kremlin’s decision to annex four regions of Ukraine. The new sanctions seek to further damage Russia’s economy by hindering the country’s access to IT consultancy, architectural, engineering, accounting, and commercial legal services from UK firms. Russia currently imports more than two-thirds (67 percent) of its services from countries that have already sanctioned the Russian Federation over its invasion of Ukraine. The Russian Federation is particularly on the UK for audit and commercial legal services due to London’s position as one of the world’s leading professional services hubs. The new sanctions expand on the UK government’s May package that banned service firms including consultancies and PR agencies from working with Russia. However, the May package let lawyers continue working with Russia, despite criticism of the role […]