British sanctions in response to Putin’s illegal annexation of Ukrainian regions | European Council adopts eighth set of sanctions against Russia | Economic Crimes (Transparency and Enforcement) Act 2022 Coming into Force Regulations

British sanctions in response to Putin’s illegal annexation of Ukrainian regions

The foreign minister announced a package of 92 sanctions in response to the Russian regime imposing sham referendums in four regions of Ukraine.

The sanctions include individuals who have been deployed to each of the temporarily controlled regions, Goznak, a security document company, and four other oligarchs for supporting or obtaining benefits from the Russian government and operating in strategically important sectors.

Plans to enact new sanctions include:

  • bans on exporting IT consulting, architecture, engineering, advertising, transactional legal advice, and auditing services;
  • bans on the export of almost 700 goods from the UK to Russia, including hundreds of goods essential to the production of the Russian manufacturing sector; and
  • suspension of the process by which measures taken to manage the orderly failure of Russian banks are recognized under UK law, where the bank is a sanctioned entity.

The full list of UK sanctions can be viewed here.

European Council adopts eighth set of sanctions against Russia

The European Council adopted an eighth sanctions package which introduces new EU import bans worth €7 billion. The Commission said the package responds to Russia’s illegal war and continued escalation against Ukraine.

The package includes:

  • the implementation of the G7 Oil Price Cap;
  • additional lists of individuals and entities, particularly those working in the defense sector;
  • new export restrictions prohibiting the export of coal, specific electronic components, technical articles used in the aviation sector and certain chemical products;
  • new import restrictions, including a ban on imports of Russian finished and semi-finished steel products, machinery and appliances, plastics, vehicles, textiles, footwear, leather, ceramics , certain chemicals and jewelry other than gold: and
  • expansion of the scope of services that can no longer be provided to the Russian government or legal persons established in Russia to include IT consultancy, legal consultancy, architectural and engineering services.