Question

To ask the Secretary of State for Business, Innovation and Skills, what estimate he has made of the cost to UK businesses of sanctions currently in operation on trade with Russia.

UK businesses exposure to sanctions has been relatively limited so far, although it is too early to be able to estimate the full impact of sanctions on UK businesses. UK businesses involved in the finance, energy and defence sectors in particular are facing various export restrictions, whilst some agricultural and food producers have been affected by Russia’s retaliatory measures. The Government is maintaining a close dialogue with affected companies and industry bodies.