UK Government introduces new sanctions against Russia

On 29 October 2022, the UK government introduced additional prohibitions in relation to financial and trade sanctions against Russia.

Key aspects of the measures include:

• The creation of a new category of loan to expand the prohibition of loans to certain organisations connected with Russia. The instrument also provides an exception relating to the loan prohibition.
• New trade prohibitions relating to the import of gold jewellery and certain gold that has been processed in a third country that originated in Russia and has been exported from Russia.
• Prohibiting the export, supply, and delivery of goods and related services to, or for use in Russia that are critical to the functioning of Russia’s economy, particularly concerning the manufacturing sector. These will form the new “Russia Vulnerable Goods” list.
• Expanding the list of goods included in the “G7 Dependency and Further Goods” for which the export, supply, and delivery of such goods to, or for use in Russia, is prohibited.

An additional measure prohibiting the importation of liquefied natural gas (LNG) which is consigned from or originates from Russia, and the acquisition of LNG which is located in or originates from Russia will come into force on 1 January 2023.

The full details of the new measures can be found here: The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (legislation.gov.uk)