Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict
To increase pressure on Russia following its invasion of Ukraine, the UK Government has blocked three Russian carriers from selling unused landing slots at UK airports.
This move will affect Russian flag carrier Aeroflot, as well as Ural Airlines and Rossiya Airlines.
The landing slots in question are worth up to $62m (£50m).
UK Foreign Secretary Liz Truss said: “As long as Putin continues his barbarous assault on Ukraine, we will continue to target the Russian economy. We’ve already closed our airspace to Russian airlines.
“Today we’re making sure they can’t cash in their lucrative landing slots at our airports. Every economic sanction reinforces our clear message to Putin – we will not stop until Ukraine prevails.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Sanctions imposed on Russia by various countries across the globe have dented its economy, with the country’s central bank acknowledging the challenge that sanctions have posed for its supply chains.
The latest set of punitive measures by the UK Government is expected to further cripple Russia’s economy.
UK Transport Secretary Grant Shapps said: “The UK was one of the first nations to implement sanctions on Putin and his allies; we forbade entrance to their ships and planes, strangling them of the privilege to benefit from global trade and commerce.
“Today, the UK Government has built on the strong action we have already taken against Russia’s flagship carrier Aeroflot, along with Rossiya and Ural Airlines.
“This means they will be unable to use their expensive landing slots at UK airports. Our actions will also prevent Russia from selling the slots, and cashing in on up to £50 million.”
In March, the UK criminalised the entry of Russian carriers into its airspace, which empowered it to impound aircraft owned, operated or chartered by anyone linked to Russia as well as designated individuals or entities.