The UK and Russian economies have always been intertwined, but since the imposition of sanctions on Russia by the EU and the US, their economic relationship has become increasingly strained.
The UK and Russian economies have a long and complicated history. For centuries, Russia was one of the UK’s most important trading partners, with goods such as timber, furs, and grain traveling back and forth between the two countries. However, this relationship has come under increasing strain in recent years due partly to the European Union (EU) and the United States (US) sanctions on Russia. In this blog post, we will look closely at how these sanctions have affected economic relations between the UK and Russia and explore how future trade between the two countries is likely to be impacted.
What will happen to further cooperation between the countries?
Since the imposition of sanctions, cooperation between the UK and Russian economies has become increasingly difficult. The sanctions have made it difficult for UK companies to do business in Russia and have limited the amount of trade that can take place between the two countries. This has harmed both economies and will likely continue to do so.
It is possible that the UK and Russia could find ways to work around the sanctions, but this would not be easy and would require a great deal of political will on both sides. It is more likely that the sanctions will continue to limit economic cooperation between the two countries, at least in the short term.
What problems have sanctions brought to people?
The sanctions have negatively impacted people in both the UK and Russia. In the UK, businesses that trade with Russia have been hit hard, as they can now not export their goods and services to Russia. This has led to job losses and reduced profits for many companies. In Russia, the sanctions have caused inflation to rise, as imported goods have become more expensive. In addition, Russia has imposed restrictions on currency transactions, which made it difficult to transfer money to Russia from UK. This has hit people on low incomes the hardest, as they are unable to afford to buy necessities.
The sanctions have also hurt relations between the UK and Russia. The two countries were already estranged before the imposition of sanctions, and the sanctions have only served to further this divide. It is now unlikely that the UK and Russia will cooperate on any level shortly, which could have severe implications for global security.