On Monday 5th June, the EU published an amendment to the existing sanctions against Russia, which came into force on Monday 5th June. The implementing regulation is available here. These measures permit the designation of leading business persons operating in Russia, along with:
- immediate family members;
- other natural persons benefitting from them; and
- business persons involved in economic sectors providing a substantial source of revenue to the Russian Government.
These amendments were made on the basis that leading Russian business persons have engaged in a systematic practice of distributing their funds and assets amongst their immediate family members and others in order to hide their assets, circumvent sanctions and maintain control over these resources.