Sanctions Against Russian and Belarussian Entities

• 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.

• 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.

• 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 that have sanctioned with asset freezes as of 23 March 2022.

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

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. 

• 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.