On Monday 5th June, the EU published an amendment to the existing sanctions against Russia, which came into force on Monday 5th June. The implementing regulation is available here. These measures permit the designation of leading business persons operating in Russia, along with: These amendments were made on the basis that leading Russian business persons have engaged in a systematic practice of distributing their funds and assets amongst their immediate family members and others in…
The UK has adopted The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2023. See here for an explanatory memorandum accompanying this legislation. The new legislation introduced and expands on current trade sanctions and comes into force today, Friday 21 April 2023. The sanctions significantly expand the restrictions on import and acquisition of revenue generating goods which originate in, or are consigned from, Russia. In particular:• the existing list of goods prohibited for import into the UK…
The UK Office of Financial Sanctions Implementation (“OFSI”) has updated its guidance on enforcement and monetary penalties for breaches of financial sanctions (the “Monetary Penalties Guidance”, available here), to include a number of paragraphs setting out OFSI’s expectations around the nature and type of due diligence that companies should undertake when assessing whether an entity is owned or controlled by one or more designated persons, for sanctions purposes. This update to the Monetary Penalties Guidance…
The UK has adopted The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 . See here for explanatory memorandum accompanying this legislation. Updated guidance on Russia Sanctions has been published in order to reflect the changes introduced by the latest legislation. The new legislation introduces and expands on current trade and financial sanctions and comes into force on Friday, 16 December 2022. Trade sanctions Prohibits the direct and indirect provision of the following additional…