Update on Ukraine – Support for exporters
In the early hours of Thursday morning, Russian forces launched a full-scale invasion of Ukraine, with its military attacking the country from the north, east and south.
The Prime Minister Boris Johnson has since outlined further economic sanctions against Russia in the House of Commons, which are as follows:
- All major Russian banks will have their assets frozen and will be excluded from the UK financial system. This will stop them from accessing sterling and clearing payments through the UK. This includes a full and immediate freeze of VTB bank
- Legislation will stop major Russian companies and the state from raising finance or borrowing money on UK markets
- Asset freezes will be put on 100 new individuals or entities
- The Aeroflot airline will be banned from landing in the UK
- There will be a suspension of dual use export licences to cover things which can be used for military purposes
- Within days the UK will stop hi-tech exports and oil refinery equipment
- There will be a limit on deposits Russians can make to UK bank accounts
- The UK has an intention to "work with allies" to shut off Swift payments but "its a challenge", Johnson said
- Similar financial sanctions will be extended to Belarus for its role in the assault on Ukraine
- The UK will bring forward parts of the economic crime bill before the Easter recess
Support for businesses
The Department for International Trade (DIT) recommend that concerned companies trading with Ukraine and Russia contact the Export Support Service (ESS) on 03600 303 8955 . The ESS helpline hours are being extended between now and the end of the weekend, from 08:00 - 22:00 Thursday-Sunday inclusive.
DIT will review this on Monday to examine the case for out of hours provision. Alternatively, companies can access the ESS landing page which also features a dedicated link for Ukraine and Russia enquiries.
EU sanctions came into force late last night, including import bans from Donetsk and Luhansk, and export bans on selected goods and services to those territories. These will apply to EU commercial entities.
Scottish Chambers of Commerce (SCC) continue to monitor the developing situation and will share more information and resources as they become available.
If any Fife Chamber members encounter issues around the developing situation, please get in touch with Fife Chamber, who will progress these concerns with the relevant authorities. Please email Morag or Alan.