New UK and EU Sanctions introduced against Russia

Iris Karaman The United Kingdom (“UK”) introduced new sanctions against Russia on December 14, 2023 with the European Union (“EU”) also adopting its 12 th package of sanctions against Russia on December 18, 2023. The latest UK restrictions include: Import and related restrictions on further categories of iron and steel goods, as well a wide range of additional metals such as aluminium. New import and related restrictions on Russian diamonds or diamond jewellery. Clarification and expansion of payment processing restrictions for parties targeted by correspondent banking services restrictions. Extended restrictions on certain services/financing relating to export or supply of luxury goods to Russia. Additions to the lists of critical-industry goods and technology and defence and security goods and technology subject to export and related restrictions. A new licensing ground, allowing individuals and entities to apply to the Office of Financial Sanctions Implementation (“OFSI”) for a licence to make payments that would otherwise breach UK sanctions where such payments are necessary for divestment from Russia. The new EU restrictions include: A list of partner countries that apply import measures on iron and steel that align with the EU – imports of processed products from these countries do not need to be accompanied by country of origin evidence. A comprehensive ban on the import, purchase, or transfer of diamonds from Russia. Additional reporting requirements relating to EU companies owned 40% or more by Russian individuals or entities that transfer €100,000 or more out of the EU. The reporting obligations lie on the company itself, as well as financial institutions that initiate the transfers. Additional information obligations to ensure compliance with the oil price cap, as well as restrictions on the sale of oil tankers. Further export restrictions, targeting items used on the battlefield, and further import restrictions on goods that generate […]

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