The UK has adopted the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 which introduces new restrictions against Russia. The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022: Introduce a new restriction against making certain loans or credit available to persons connected with Russia (i.e. an entity incorporated, constituted or domiciled in Russia); subsidiaries of persons connected with Russia; and entities owned by Russian individuals. This essentially extends the scope of the existing…
On October 17, 2022, the UK HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) and the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued a joint statement (OFSI statement here, OFAC statement here) to reiterate the close working relationship between the two agencies, explaining the rationale behind increased OFSI-OFAC co-operation and how this will manifest in practice. The statement follows a technical exchange attended by OFAC and OFSI in London, which concluded on…
The UK has announced its immediate plans to adopt further sanctions against Russia. See here for relevant press release. The planned new UK sanctions include: Export bans on the provision of IT consultancy, architectural, engineering, advertising, transactional legal advisory and auditing services.Export bans on almost 700 UK goods. The UK has noted that the list will include hundreds of goods that are critical for production in Russia’s manufacturing sector.The Designation of Elvira Nabiullina, the Governor…
The UK has designated 89 additional Russian individuals and 3 entities. In particular, these include: Top Russian officials enforcing the referenda in the 4 regions of UkraineIMA Consulting (a PR agency)Goznak (a security documents company)Four Russian individuals with a combined global net worth estimated at £6.3 billion (God Nisanov, Zarakh Iliev, Iskander Makhmudov and Igor Makarov)55 board members from state-linked organisations like Gazprombank, Sberbank and Sovcombank Please see the full list of new entries and…