Considering the UK’s decision made on March 15, 2022 to terminate the most favored nation regime in bilateral trade with Russia, the denunciation of the agreement "will not cause serious foreign policy and economic consequences" for Russia, the explanatory note said.
In 1956, the Soviet Union and the United Kingdom signed an agreement that granted British fishermen access to fish in the Barents Sea zone, which is part of Russia's exclusive economic zone. This arrangement was a result of diplomatic relations and mutual benefits between the two countries, allowing the UK fishing industry to exploit the abundant resources in the region while fostering economic cooperation between the nations.