Russia retaliates, closes airspace to Canada, EU, many others

In retaliation to the decision of multiple countries closing their airspace to Russian aircraft following the invasion of Ukraine, Russian aviation authority, Rosaviatsiya, on Monday announced that it was closing Russian airspace to 35 countries.

Countries affected by the indefinite ban include all EU member states and Canada.

Humanitarian flights were exempted from the ban, while exceptions can also be made in other cases via Russian government ministries.

Meanwhile, the UK government on Monday announced more sanctions against Russia.

The government announced that it has banned any British entities from conducting transactions with the Russian central bank, finance ministry and wealth fund.

It also noted that it would preclude Russian companies from issuing transferable securities and money market instruments in the UK.

The statement read; “The UK Government will immediately take all necessary steps to bring into effect restrictions to prohibit any UK natural or legal persons from undertaking financial transactions involving the CBR, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation”

Britain said it would have “a power to prevent designated banks from accessing Sterling and clearing payments through the UK.”

“These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine,” finance minister Rishi Sunak said.

The latest sanctions also include additional restrictions against Russian financial institutions and a range of measures to tighten trade restrictions against Moscow. Britain also said that further designations will be announced this week.

The new sanction is coming at a time Moscow’s trade market is getting ready to open amid a currency crisis and investor flight.

Russia’s currency, the ruble, sank about 30% against the US dollar early on Monday but steadied after the central bank’s move.