On 6 April 2022, Liz Truss, the UK Foreign Secretary announced additional UK sanctions against Russia. The new measures include: Asset freezes against Sberbank, Credit Bank of Moscow and eight individuals. The UK has already introduced these asset freezes. Please see OFSI’s notice here. An outright ban on all new outward investment to Russia.By the end of 2022, the UK will end all dependency on Russian coal and oil, and end imports of gas as…
In a statement made on the 5th of April, Ursula von der Leyen, the President of the EU Commission outlined EU proposals for additional sanctions against Russia. The new measures will include: An import ban on coal from Russia, worth EUR 4 billion per year.A full transaction ban on four key Russian banks. The President of the EU Commission mentioned that VTB, the second largest Russian bank, will be one of the four banks.A ban…
As separate measures, Australia has announced: a 35% additional tariff for products from Belarus and Russia; andnew luxury goods export sanctions for Russia. 35% additional tariff for goods from Russia or Belarus On 1 April 2022, the Notice of Intention to Propose Customs Tariff Alterations (No. 3) 2022 was published, outlining Australia’s intention to apply an additional 35% tariff on all imports from Russia, as well as Belarus. The tariff will be applied to “additional…
On March 29, 2022, the Japanese government announced which items will be subject to the ban on exports of luxury goods to Russia. The export ban applies to the following items (we have included the HS codes): alcoholic beverage: 22.03, 22.04(except for 2204.22 and 2204.30), 22.05, 22.06, 2207.10, 22.08 (limited to the products with value exceeding JPY 40,000);tobacco products: 24.02 (except for 2402.20) (limited to the products with value exceeding JPY 40,000) ;perfume, cosmetics: 33.03,…