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Andrew Rose

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In light of the further escalation of the Russia-Ukraine conflict, the EU agreed on Friday, 25 February, on a second wave of sanctions targeting broad areas of the Russian economy and other high profile political and military leaders in Russia and Belarus. In brief, the new restrictions include: designations of Russian and Belarusian individuals;wide-ranging restrictions on trade in goods and associated services, including dual-use and various other items, and goods for the oil refining, aviation…

On 25 February, the UK Office for Financial Sanctions Implementation published a general licence permitting the wind-down of transactions involving VTB Bank, its UK subsidiary VTB Capital plc, and VTB Capital plc’s UK subsidiaries (collectively, “VTB”). This follows the UK’s designation of VTB Bank on 24 February (see our earlier post here). The licence permits any person (other than VTB) to wind down any transaction to which it is a party that involves VTB, including…

The European Council has this evening confirmed that it has agreed on further restrictive measures that will impose “massive and severe consequences on Russia” for its action, in close coordination with our partners and allies. According to the Council conclusions, these sanctions cover the financial sector, the energy and transport sectors, dual-use goods, as well as export control and export financing, visa policy, additional listings of Russian individuals and new listing criteria. Fuller details will…