On 20 June 2023, the UK enacted additional amendments to The Russia (Sanctions) (EU Exit) Regulations 2019 (“Russia Regulations”) through The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2023 (the “Amendment”). The Amendment makes two principal changes to the Russia Regulations by: expanding the “purpose” for which the Russia Regulations are imposed to include the promotion of compensation payment for damage, loss or injury suffered by Ukraine; and expanding the definition of “non-government controlled…
In addition to the new EU measures, on Thursday 8th June the UK announced additional sanctions against Belarus, which came into force on Friday 9th June. The press release announcing the restrictions is available here, and the amending legislation is here. The new restrictions are intended to restrict sources of revenue to Belarus, combat sanctions circumvention, and reduce the ability of Belarusian media organisations to spread propaganda in the UK. The key measures include: broader…
On Monday 5th June, the EU published an amendment to the existing sanctions against Russia, which came into force on Monday 5th June. The implementing regulation is available here. These measures permit the designation of leading business persons operating in Russia, along with: immediate family members; other natural persons benefitting from them; and business persons involved in economic sectors providing a substantial source of revenue to the Russian Government. These amendments were made on the…
On May 19, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) implemented further economic sanctions and export controls targeting Russia and Belarus. The OFAC press release and BIS press release both underscore the US Government’s close coordination with international partners and allies to align new restrictions on Russia and Belarus. In addition, the Leaders of the G7 released…