Sanctions against Russian and Belarussian entities

Banks

• All Russian banks will have their assets frozen and will be excluded from the UK’s financial system.

• Russian banks will be prevented from accessing Sterling and clearing payments through the UK.

• Selected Russian banks will be removed from the SWIFT messaging system, which will harm their ability to operate globally.

• The UK, EU and US have agreed to impose restrictive measures on the Russian Central Bank that will prevent it from deploying its international reserves as a way of undermining the effects of previously announced sanctions.

• Steps will be taken to prohibit any UK persons from undertaking financial transactions involving the Russian Central Bank, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation.

• Sberbank, Gazprombank, Russian Agricultural Bank, Alfa-Bank JSC, SMP Bank, and Ural Bank for Reconstruction and Development have all been sanctioned, with assets frozen.

Individuals

• A number of individuals have been named for sanctions, including the Russian President Vladimir Putin, Russian Minister of Foreign Affairs Sergei Lavrov, and several Russian oligarchs. The sanctions include freezing of assets.

• The Government intends to introduce legislation that will prevent Russian nationals from holding more than £50,000 in bank accounts.

• Members of Belarus’s Ministry of Defence have been sanctioned.

 

Companies

• Russian companies will not be able to borrow from UK markets and unable to raise finance in the UK.

• Five Russian defence companies have been sanctioned: Rostec, Uralvagonzavod, Tactical Missile Corporation, United Aircraft Corporation and United Shipbuilding Corporation.

• Aeroflot will be prohibited from landing in the UK.

• The UK Government will introduce measures to prevent Russian companies from issuing transferable securities and money market instruments in the UK.

• Belarussian state enterprises JSC 558 Aircraft Repair Plant and JSC Integral have been sanctioned by the Government.

• a further ban on UK companies providing insurance and re-insurance services related to these goods and technology.

• Sovcomflot, Kronshadt, Wagner, Alrosa, and Russian Railways are among a number of Russian and Belarussian businesses who have sanctioned with asset freezes as of 23 March 2022.

• The Government has banned all new outward investment to Russia.

Exports and Imports

 The Government has announced a ban on exports to Russia of high-end luxury goods, while several products will be hit with new import tariffs.

• Russian vodka is one of the iconic products affected by the tariff increases, while the export ban will likely affect luxury vehicles, high-end fashion and works of art. The export ban will come into effect shortly.

• Russian imports of the following products will face an additional tariff increase of 35%, over and above any existing tariff rate. These products include: iron, steel, fertilisers, wood, tyres, railway containers, cement, copper, aluminium, silver, lead, iron ore, residue/food waste products, beverages, spirits and vinegar (this includes vodka), glass and glassware, cereals, oil seeds, 2 paper and paperboard, machinery, works of art, antiques, fur skins and artificial fur, ships and white fish.

• The Government has announced a ban on imports of iron and steel products.

Transport and Logistics

The Secretary of State for Transport has written to all UK ports asking them not to provide access to any Russian flagged, registered, controlled, chartered, or operated vessels. UK ports will be given support in identifying Russian ships within this scope, and legislation will soon be introduced. The UK has announced a new suite of aviation sanctions to give the UK Government new powers to detain any Russian aircraft here in the UK. 

Oil, Gas and Energy

• By the end of 2022, the UK Government intends to “end all dependency” on Russian coal and oil, and end imports of gas as soon as possible thereafter. Exports of key oil refining equipment and catalysts will also be banned.

• British Chambers of Commerce has outlined what the conflict in Eastern Europe means for UK energy supply.

Trade

• Exports of high-end and critical technical equipment and components in sectors including electronics, telecommunications, and aerospace will be prohibited.

• There will be a suspension of dual-use export licences to cover components which can be used for military purposes.

• a ban on the export of aviation and space-related goods and technology, including technical assistance.