Wide-ranging international sanctions intended to pressure President Vladimir Putin into withdrawing his troops from Ukraine are already having a significant impact on Russia, the U.K. Foreign Office said. Russian oil exports, a key source of income for Putin’s government, were down 30% in April, and the nation’s economy is forecast to shrink as much as 15% this year.
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“As long as Putin continues his barbarous assault on Ukraine, we will continue to target the Russian economy,” Foreign Secretary Liz Truss said in a statement. “We’ve already closed our airspace to Russian airlines. Today, we’re making sure they can’t cash in their lucrative landing slots at our airports.”