The UK announced on 15 March 2022 that it will impose import tariffs on hundreds of key Russian products. In addition to banning the export of luxury goods to Russia, the UK government has also published an initial list of goods worth £900 million – including vodka – which will now face additional 35 percent tariff, on top of any tariffs that are currently applicable. These relevant products are as follows: Iron, steel, fertilisers, wood,…
The EU introduced, on 15 March 2022, a number of additional sanctions measures including in particular on the direct or indirect import of certain iron and steel products if they originate in or have been exported from Russia. Full details of the sanctioned iron and steel items are set in Annex XVII to the applicable amending regulations (being Council Regulation (EU) 2022/248, available here). It is estimated, in accordance with the European Commission’s (“EC”)…
On 15 March, the EU introduced further sectoral measures targeting the Russian economy. The new measures were announced after informal meetings took place between the EU heads of state and the G7 countries’ leaders. The new sectoral restrictions pertain, inter alia, to the following: transactions with certain state-owned enterprises;provision of credit rating services;new investment in the Russian energy sector;export of equipment, technology and services for the energy industry;import of iron and steel; andexport of luxury…
On March 14, Canada amended its sanctions measures imposed on Russia by designating an additional 15 individuals under Schedule 1. The new individual designations consist of Russian government officials. Generally speaking, the designation under Schedule 1 imposes an asset freeze and dealings prohibition, subject to limited exceptions, which prohibits any person in Canada or any Canadian outside Canada to: deal in any property, wherever situated, held by or on behalf of a designated person whose…