On February 10, 2022, the UK government laid before parliament The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022 (SI 2022/123) (Amended Regulations). The Amended Regulations, which came into force on the same day, expand the scope of the UK’s Russia sanctions regime by significantly broadening the range of individuals, businesses and other entities that the UK can sanction in the event of further Russian aggression against Ukraine. The Amended Regulations include an innovative designation criterion designed to target individuals and entities of significance to the Kremlin. Companies that are subject to UK sanctions jurisdiction and have exposure to Russia should familiarize themselves with the expanded scope of the UK’s Russia sanctions regime as part of their efforts to assess and mitigate the risks associated with possible sanctions against Russia.
For more information on potential Russia-related UK, EU, and US sanctions, see our earlier blog posts here and here. Visit this link to sign up to receive a recording of Steptoe’s recent webinar “Possible Sanctions Against Russia: What You Need to Know.”