Earlier this year, the EU introduced various new restrictions as part of its sanctions packages targeting Russia (see our blog post on the 14th EU Russia sanctions package) and Belarus (see our blog post of the most recent EU Belarus sanctions package). Among the notable and novel restrictions were: Businesses should therefore review their current practices and consider whether any enhancements are necessary to comply with these measures. Guidance on “best efforts” obligations The “best…
On 7 November 2024, the UK government designated an additional 56 individuals and entities in its largest financial sanctions package since May 2023 (see the official press release here). The package aims to further restrict the supply of equipment utilised by Russia’s military industrial complex and target Russia’s global activities, particularly in Africa. Newly adopted designations The package consists of 56 new designations through five of the UK’s autonomous sanctions regimes. Targets include: These individuals…
On 30 September 2024, the UK Government issued a notice stating that from 31 October 2024, the provision of intra-group services will no longer be a specific licensing ground available in relation to professional and business services provided by UK companies to their Russian subsidiaries. Licence applications submitted before 31 October 2024 will not be affected by the change. Under Regulation 54C of The Russia (Sanctions) (EU Exit) Regulations 2019 (“UK Russia Regulations”), it is prohibited…
Baker McKenzie will be hosting a seminar on 8 October 2024 in Dubai as part of our EMEA Russia Sanctions Briefings. We will be joined for the seminar by representatives from our Global Sanctions Investigations Group, including from our US and London offices. The seminars will focus on the multijurisdictional sanctions challenges facing financial institutions and other companies in the Gulf, in relation to the US, UK, EU and UAE sanctions regimes, particularly against Russia.…