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…
The UK Government has introduced new economic, trade and transport sanctions on Belarus, extending existing Russia sanctions measures to Belarus in certain areas. These are included in The Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022 and entered into force on 5 July. The main changes introduced by the relevant legislation include: Expanded powers for designation, including: Addition of power to designate persons by description Expansion of criteria for designation to include: conduct destabilising…