United Kingdom

United Kingdom

Introduced some new trade, financial and investment sanctions against the Russian Federation

01 Mar 2022

On 1 March 2022, by Amendments No.2-5 the Government added some new trade, financial and investment sanctions to the Russia (Sanctions) (EU Exit) Regulations 2022. Amendment No.2 extended financial restrictions to include a broader range of transferable securities and money market instruments, loans and credit. Amendment No.3 imposed further prohibitions on the export, supply and delivery of dual-use goods and critical-industry goods, as well as transfer of and technical assistance, financial services, funds and brokering services to dual-use and critical-industry technology.

In addition, the Government also banned all ships that are Russian owned, operated, controlled, chartered, registered or flagged from entering British ports. Furthermore, amendment No.5 introduced a restriction on the provision of financial services for the purposes of foreign exchange reserve and asset management involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation.