The Institute of Directors (IoD) has urged British citizens to resign from Russian boards to avoid potential sanctions from the UK government. The call comes amid growing tensions between the UK and Russia, following the poisoning of former Russian spy Sergei Skripal and his daughter in Salisbury earlier this year.
The IoD, which represents over 30,000 business leaders in the UK, has warned that British citizens who sit on the boards of Russian companies could face sanctions from the UK government if relations between the two countries continue to deteriorate. The IoD has advised its members to consider resigning from such positions to avoid any potential repercussions.
The UK government has already imposed sanctions on a number of Russian individuals and companies in response to the Salisbury attack, and has warned that further measures could be taken if Russia does not cooperate with the investigation. The IoD’s warning is a clear indication that the business community is taking the threat of sanctions seriously.
The IoD’s Director General, Stephen Martin, said: “We are advising our members to consider their positions on Russian boards very carefully. The UK government has made it clear that it will not hesitate to impose sanctions on individuals and companies that are seen to be supporting the Russian regime. We believe that it is in the best interests of our members to avoid any potential risks.”
The IoD’s warning is likely to be heeded by many British citizens who sit on the boards of Russian companies. The UK has a significant presence in the Russian business community, with many British companies operating in the country. However, the deteriorating relationship between the two countries has raised concerns about the safety of British citizens working in Russia.
The UK government has also warned British citizens against travelling to Russia, and has advised those already in the country to be vigilant. The Foreign Office has said that there is a “heightened risk of anti-British sentiment” in Russia, and has warned that British citizens could be targeted in retaliation for the sanctions imposed by the UK government.
The IoD’s warning is a clear indication that the business community is taking the threat of sanctions seriously. It is also a reminder of the potential risks associated with doing business in countries with which the UK has strained relations. As tensions between the UK and Russia continue to escalate, it is likely that more British citizens will be advised to sever ties with Russian companies to avoid any potential fallout.