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Andrew Rose

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On 2 March 2022, the EU significantly expanded its sanctions against Belarus, in response to Belarus’ role in the ongoing crisis in Ukraine. Belarus was already subject to significant EU sanctions targeting its financial, dual-use, military, tobacco, petroleum and potash sectors, many of which were imposed following the Belarusian Government’s response to civil unrest following the 2021 election (see our previous post here). Many of the changes are in line with sanctions imposed against Russia…

On March 1 and 2, 2022, the UK published four Regulations which introduce new financial, trade and shipping sanctions against Russia. New financial sanctions The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 introduce the following restrictions: Prohibition on dealing with securities or money-market instruments issued by, or providing loans/credit to a person connected with Russia (including Russian incorporated entities and residents) or the Russian Government. The aforementioned prohibitions also apply to all entities…

Recently the UK announced that it will suspend all existing export licences for dual-use items to Russia along with the approval of any new export licences for the same purpose. Following this announcement the UK Export Control Joint Unit has removed Russia as a permitted destination from the following open general export licences: open general export licence Xopen general export licence X from December 2019open general export licence chemicalsopen general export licence chemicals from December-2019open…

The UK has today designated three Russian banks, as follows: VEB.RFBank Otkritie Financial Corporation PJSCPJSC Sovcombank UK persons are prohibited from providing funds or economic resources to the benefit of these banks and individuals. This includes transfers involving accounts held by non-sanctioned individuals at the designated banks. Additionally, dealings with entities owned or controlled by the newly designated parties will generally be considered as restricted by the sanctions. This follows the designation of all three…