British companies hit by the effects of Russian sanctions since the start of the war in Ukraine, according to research by insurance buyer Mactavish
Nearly two-thirds of British companies have been hit by the effects of Russian sanctions since the war in Ukraine started, data shows.
A survey by insurance buyer Mactavish reported that 71 percent of British companies had assets directly affected by sanctions imposed on Russia.
Suffering: British companies directly affected by sanctions imposed on Russia since Vladimir Putin’s invasion of Ukraine
Nearly half of these reported increases in costs and disruption to their production lines, while 44 percent said they had lost suppliers and 42 percent had staffing issues.
The financial sector was the worst after the invasion, with 92 percent of companies in the sector suffering sanctions for their exposure to assets and funds in Russia.
About 84 percent of airline companies reported losses as they struggled with leased aircraft stuck in Russia.
Mactavish boss Bruce Hepburn said the pandemic and the war “have exposed the serious constraints in the sector, characterized by more coverage restrictions, less capacity, higher prices and more litigation.”