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…
The Japanese government introduced further sanctions against Russia on 12 April 2022. These include: Designations of additional Russian individuals and entities The Japanese government designated an additional 398 individuals and 28 entities related to the Russian Federation and subjected them to the following sanctions: Restrictions on payments – A license is required to make a payment to the designated persons or entities. Restrictions on capital transactions – A license is required on capital transactions, including deposits,…
On 8 April 2022, the EU adopted a fifth package of sanctions which introduced new sectoral measures targeting the Russian and Belarusian economies. As part of the package, the EU also imposed restrictive measures on four key Russian banks, prominent oligarchs, business people and high-ranking Kremlin officials, as well as family members of already sanctioned individuals. The new Regulations and Council Decisions that introduce the new sanctions can be found here and here. We…
On April 6, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) added two of Russia’s largest banks, Public Joint Stock Company Sberbank of Russia (“Sberbank”) and Joint Stock Company Alfa Bank (“Alfa-Bank”), and their subsidiaries to the Specially Designated Nationals and Blocked Persons List (“SDN List”). OFAC also issued 3 new and 3 amended Russia-related General Licenses, and added several other parties to the SDN List. President Biden also issued…