UK Issues Export Bans on Every Item Used by Russia in War

A man lays flowers on the grave of a relative during a memorial service to mark the one-year anniversary of the start of the Russia Ukraine war, in a cemetery in Bucha, Ukraine, Friday, Feb. 24, 2023. (AP)
A man lays flowers on the grave of a relative during a memorial service to mark the one-year anniversary of the start of the Russia Ukraine war, in a cemetery in Bucha, Ukraine, Friday, Feb. 24, 2023. (AP)
TT
20

UK Issues Export Bans on Every Item Used by Russia in War

A man lays flowers on the grave of a relative during a memorial service to mark the one-year anniversary of the start of the Russia Ukraine war, in a cemetery in Bucha, Ukraine, Friday, Feb. 24, 2023. (AP)
A man lays flowers on the grave of a relative during a memorial service to mark the one-year anniversary of the start of the Russia Ukraine war, in a cemetery in Bucha, Ukraine, Friday, Feb. 24, 2023. (AP)

Britain marked the one-year anniversary of the invasion of Ukraine by issuing more sanctions against Russia, including export bans on every item it has used on the battlefield.

The Foreign Office said on Friday the internationally coordinated sanctions and trade measures would target aircraft parts, radio equipment and electronic components.

It will also target more Russian executives including those at the nuclear power plant Rosatom and others who work at defense groups and Russian banks.

"Military intelligence has shown that a shortage of components in Russia as a result of sanctions is already likely affecting their ability to produce equipment for export, such as armored vehicles, attack helicopters and air defense systems," the Foreign Office said.

Leaders of the Group of Seven wealthy nations will meet virtually on Friday with Ukrainian President Volodymyr Zelenskiy where they are expected to discuss further sanctions on Russia.



Iran’s Currency Drops to a Record Low amid Geopolitical Uncertainty

Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
TT
20

Iran’s Currency Drops to a Record Low amid Geopolitical Uncertainty

Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

Iran's currency fell below the psychologically key level of 1,000,000 rial per US dollar on Tuesday, as market participants saw no end in sight to sanctions under US President Donald Trump's renewed "maximum pressure" campaign.

Trump said earlier this month that he had sent a letter to Iran's top authority, Supreme Leader Ali Khamenei, warning that Iran's nuclear program could either be dealt with through negotiations or militarily.

Khamenei rejected the US offer for talks as a "deception" and Iranian Foreign Minister Abbas Araqchi said last week that negotiations with Washington were impossible unless its policy changed.

The apparent diplomatic deadlock has raised fears of potential conflict, although Iranian officials have sought to assuage such concerns.

"I am certain there won't be any war as we are fully prepared for such condition... so that no one will think about attacking Iran," Araqchi said on Monday, during a meeting with the Iranian Red Crescent.

Iran's currency dropped to a record low of 1,039,000 rial to the US dollar according to Bonbast.com, which gathers live data from Iranian exchanges.

This represents a more than halving of the currency's value since President Masoud Pezeshkian took office last year.

Facing an annual inflation rate of about 40%, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies or gold, suggesting further headwinds for the rial.

The Iranian rial stood around 55,000 to the US dollar in 2018, when US sanctions were reimposed by the first Trump administration to force Tehran to the negotiating table by limiting its oil exports and access to foreign currency.

The US has issued four rounds of sanctions on Iran's oil sales since Trump's return to the White House.