On 14 April 2022, the UK government published the Russia (Sanctions) (EU Exit) (Amendment) (No. 8) Regulations 2022 (“Amendment”), introducing further amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (“Regulations”). The Amendment provides for new trade restrictions in relation to: oil refining goods, software and technology;quantum computing and advanced materials goods, software and technology;luxury goods; andthe import of iron and steel goods. We have outlined below the newly introduced sanctions in greater detail. The…
On 30 March 2022, the UK government published the Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (“Amendment (No. 7) Regulations”), introducing further amendments to the Russia (Sanctions) (EU Exit) Regulations 2019. In particular, the Amendment (No. 7) Regulations: confer a power on the Secretary of State to designate persons by description (instead of identifying them by name); extend the existing finance, shipping and trade sanctions relating to Crimea, as well as the relevant…
On 31 March 2022, the UK designated 14 additional Russian individuals and entities under the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855). In particular, these include two Russian state media entities: (i) Rossiya Segodnya (which owns Sputnik); and (ii) TV-Novosti (which owns RT). Please see the full list of new entries and OFSI’s notice here.
The National Security and Investment Act (“NSI Act”) came into force this week, completing the overhaul of the UK’s foreign investment rules and creating a standalone foreign investment screening regime. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of and investments in companies operating in 17 key sectors. The rules also grant the UK Government extensive powers to investigate and impose conditions on a wide range of transactions, including…