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UK Imposed Sanctions

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The UK announced on 21 April 2022 that it will introduce import bans on silver, wood products and other high-end products from Russia including caviar. The UK also announced that it will increase tariffs by 35 percentage points on certain products from Russia and Belarus. The products which will face the additional 35 percent tariff (on top of any tariffs that are currently applicable) range from arms and ammunition, pharmaceutical products, rubber, textiles to luxury…

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…

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…

On 30 March 2022, the UK government published the Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (“Amendment (No. 7) Regulations”), introducing further amendments to the Russia (Sanctions) (EU Exit) Regulations 2019. In particular, the Amendment (No. 7) Regulations: confer a power on the Secretary of State to designate persons by description (instead of identifying them by name); extend the existing finance, shipping and trade sanctions relating to Crimea, as well as the relevant…