The UK Prime Minister has announced today the following additional measures in response to the Russian Government’s actions in relation to Ukraine:

  • Asset freezes on more than 100 new Russian entities and individuals (six of these entities and five of these individuals have already been designated-see below).
  • Intention to exclude all Russian banks from the UK financial system, stopping them from accessing sterling and from being able to clear payments through the UK.
  • Preventing Russian companies from borrowing on UK markets.
  • Introduction of a limit on the amount of money Russian nationals will be able to deposit into UK banking accounts (reported to be a maximum of GBP 50,000).
  • Further sanctions will be imposed on Belarus for its role in Russia’s military activities (albeit no information is available at the moment as to what these sanctions will be).
  • The Aeroflot airline will be banned from the UK.
  • The UK will introduce new trade restrictions and stringent export controls against Russia’s high-tech and strategic industries, including electronics, telecoms and aerospace (albeit again, no information is available on the precise scope of these measures).
  • The UK will introduce a ban on exports of all dual-use items to Russia. New legislation is required for such a ban which the UK will introduce early next week.
  • The UK will create a new dedicated kleptocracy cell to target sanctions evasion and Russian assets hidden in the UK.

These are in addition to the measures already announced on Tuesday, which include designations of other Russian banks, wealthy individuals, and upcoming designations of Russian parliamentarians, restrictions on sovereign debt, and territorial restrictions targeting the areas of the Donetsk and Luhansk oblasts outside the control of the Ukrainian Government.

Shortly after the Prime Minister’s announcement, 6 Russian entities and 5 individuals were designated (see OFSI notice).

The designated entities are the following:

  • VTB Bank
  • Rostec
  • JSC Research and Production Corporation Uralvagonzavod
  • Tactical Missiles Corporation Joint Stock Company
  • United Aircraft Corporation
  • United Shipbuilding Corporation