The UK Prime Minister has announced today the following additional measures in response to the Russian Government’s actions in relation to Ukraine: Asset freezes on more than 100 new Russian entities and individuals (six of these entities and five of these individuals have already been designated-see below).Intention to exclude all Russian banks from the UK financial system, stopping them from accessing sterling and from being able to clear payments through the UK.Preventing Russian companies from…
On 23 February 2022, the Council adopted a package of measures to respond to Russia’s decision to recognize the non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine as independent entities, and the subsequent decision to send Russian troops into these areas. The package consists of the measures outlined below. Targeted restrictive measures Within the existing framework for sanctions, the EU has designated all the 351 members of the Russian State Duma, who…
The UK Government has today designated five Russian banks and three individuals in response to the Russian Government’s decision to recognise the independence of the parts of the Donetsk and Luhansk regions which are outside of Ukraine’s control. The designated banks are the following: Bank RossiyaBlack Sea Bank for Development and ReconstructionJSC GenbankIS BankPJSC Promsvyazbank The individuals designated are: Gennady TimchenkoBoris RotenbergIgor Rotenberg UK persons are prohibited from providing funds or economic resources to…
On 21 February, the UK Office of Financial Sanctions Implementation (“OFSI”), announced that it had issued a monetary penalty totaling GBP 36,393.45 to Clear Junction Limited (“Clear Junction”), a provider of payment services. This penalty follows (and is associated with) OFSI’s earlier GBP 50,000 penalty against TransferGo, announced in August 2021 (see our previous blog post here). The monetary penalty related to 15 transactions made to accounts held by non-sanctioned parties with the Russian National…