The United Kingdom announced new sanctions Thursday aimed at blocking Russian companies in the aviation and space industries from accessing the British insurance market, writes CNN.

“Russian companies in the aviation or space industry will be prevented from making use of UK-based insurance or reinsurance services directly or indirectly, the UK Government has announced today, in response to the invasion of Ukraine by Russia”, - read a statement issued by the UK’s Treasury Office.

“In taking such action, the UK is demonstrating its commitment to apply severe economic sanctions in response to Russia’s invasion of Ukraine”, - the statement continued.

Aviation has been a key target following Russia’s invasion of Ukraine, with Western-backed sanctions impacting the country’s airline and aerospace sectors.