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 soon as possible thereafter.
- From next week, the export of key oil refining equipment and catalysts will also be banned.
- Action against key Russian strategic industries and state owned enterprises. This includes a ban on imports of iron and steel products.
- New restrictions on Russia’s ability to acquire the UK’s quantum and advanced material technologies.