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Ben Smith

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The UK has adopted The Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022 which introduce new restrictions against Russia and expand existing ones. The Legislation enters into force on 5 December 2022. The Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022: Prohibit the direct or indirect supply or delivery by ships of certain oil and oil products falling within commodity codes 2709 and 2710, from a place in Russia to a third country, or from one…

The UK has adopted the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 which introduces new restrictions against Russia. The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022: Introduce a new restriction against making certain loans or credit available to persons connected with Russia (i.e. an entity incorporated, constituted or domiciled in Russia); subsidiaries of persons connected with Russia; and entities owned by Russian individuals. This essentially extends the scope of the existing…

On October 17, 2022, the UK HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) and the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued a joint statement (OFSI statement here, OFAC statement here) to reiterate the close working relationship between the two agencies, explaining the rationale behind increased OFSI-OFAC co-operation and how this will manifest in practice. The statement follows a technical exchange attended by OFAC and OFSI in London, which concluded on…

The UK has recently adopted the following pieces of legislation which introduce new restrictions against (mainly) Russia and Belarus. Russia (Sanctions) (EU Exit) (Amendment) (No. 11) Regulations 2022Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022Russia (Sanctions) (EU Exit) (Amendment) (No. 13) Regulations 2022Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022The Customs (Additional Duty) (Russia and Belarus) (Amendment) (No. 2) Regulations 2022 The UK has also updated its Russia Guidance to reflect the changes…