The UK has announced a new package of sanctions against Russia. This will include the following sanctions:

  • Export bans on every item Russia has been found using on the battlefield to date. Goods will include aircraft parts, radio equipment, and electronic components that can be used by the Russian military industrial complex, including in the production of UAVs.
  • Import bans on 140 goods including iron and steel products processed in third countries.
  • Extension of existing measures against Crimea, and non-government controlled territory in Donetsk and Luhansk oblasts, to target Russian controlled areas of Kherson and Zaporizhzhia oblasts.

The UK has also today designated an additional 92 entities and individuals. See here for OFSI notice. Designated entities/individuals include:

  • Senior executives from Rosatom (Russian state-owned nuclear power company)
  • 34 executives connected to Russia’s two largest defence companies Rostec and Almaz-Antey Corporation
  • Four banks: MTS BANK PUBLIC JOINT-STOCK COMPANY, BANK ST PETERSBURG PJSC, BANK URALSIB PJSC, BANK ZENIT PJSC
  • 6 Russian entities involved in the manufacture or repair of military equipment for Russia’s armed forces, including aviation and navy
  • 20 executives of Gazprom and Aeroflot, including Gazprom Chairman and former Russian Prime Minister Viktor Zubkov and two current Russian Ministers
  • 5 senior Iranian executives in Qods Aviation Industry, the company manufacturing the drones used in Ukraine
Author

Sunwinder (Sunny) Mann is a Partner and is Chair of our International Commercial and Trade Global Practice Group. Our Trade team has been ranked Tier 1 by Legal 500 UK for over 20 years. He is currently based in our London office, but has also worked in our offices in Washington, D.C., New York, Sydney and Hong Kong. Sunny's practice focuses on international trade compliance and, in particular, export controls and trade sanctions, as well as anti-bribery. He has worked on a number of significant compliance and investigations matters. He leads our Firm's Geopolitical Risks Taskforce, having coordinated our Firm's support to clients responding to the ongoing Russia crisis.

Author

Ben Smith is a Partner in Baker McKenzie’s London office and a member of the firm’s Compliance & Investigations and International Trade practice groups. Both these practices are ranked Tier 1 by Legal 500 UK. Ben joined the London office of Baker & McKenzie in September 2007. He has also worked in Baker McKenzie's San Francisco and Brussels offices, as well as on secondment to the legal and compliance teams at three FTSE 100 UK plcs. The Legal 500 UK ranked Ben as a “Rising Star”, noting “Ben Smith is a pleasure to work with. Professional, knowledgeable and always ready to assist with practical solutions.”