The UK has adopted The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2023. See here for an explanatory memorandum accompanying this legislation. The new legislation introduced and expands on current trade sanctions and comes into force today, Friday 21 April 2023. The sanctions significantly expand the restrictions on import and acquisition of revenue generating goods which originate in, or are consigned from, Russia. In particular:• the existing list of goods prohibited for import into the UK…
The G7 announced the creation of a new Enforcement Coordination Mechanism “to bolster compliance and enforcement of our measures and deny Russia the benefit of G7 economies” on the one-year anniversary of Russia’s invasion of Ukraine. Having focused on the enforcement of sanctions by the United States, United Kingdom, the European Union, Germany, France, Italy, and Canada in the past weeks, we continue our overview with enforcement trends in Japan. 1. What are the recent sanctions enforcement trends in Japan? Japan…
Having focused on the enforcement of sanctions by the United States, United Kingdom, the European Union, Germany, and France in the past weeks, we continue our overview with the current enforcement practice of the Italian authorities and the changes to be expected following the newly announced G7 Enforcement Coordination Mechanism. What are the recent sanctions enforcement trends in Italy? While there is minimal public information available on Italian enforcement activity, it is clear to us…
Effective as of 21 March 2023, Ukraine introduced a new set of personal sanctions against 300 individuals and 141 legal entities with the aim of targeting the Russian military industry as well as Iranian, Syrian and UAE persons contributing to the Russian aggression against Ukraine.[1] The Decision imposes extensive sanctions, including asset freeze; ban on trade operations; ban on transit of resources, flights and transportation within the territory of Ukraine; suspension of the performance of…