UK Imposes New Financial, Trade Sanctions on Russia
The U.K. adopted new financial and trade sanctions against Russia Dec. 15, barring the provision of trust services to, or for the benefit of, a designated individual or entity, and the provision of new trust services to or for the benefit of, a person connected with Russia. The restrictions further amend existing sanctions on securities or money market instruments and loans and credit arrangements to a person linked to Russia, as well as suspend the Bank of England's duty to "make a decision in respect of a notification of third-country resolution action in respect of designated persons or persons owned or controlled by designated persons."
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
The new trade sanctions on Russia goods and export controls on other items, including "camouflage, oil production and mining equipment." Such bans were further levied against five chemicals. The regulations also banned the direct and indirect provision of the auditing, advertising, architectural, engineering and information technology consultancy and design services to any person connected with Russia.
Concurrent with the new sanctions, the U.K. released a General License relating to the wind-down of positions that would be illegal under the new sanctions, giving parties until Dec. 22 to comply.