New UK sanctions against Russia take effect

Further UK sanctions targeting Russia will come into force on October 29, 2022, pursuant to the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022.  Among other things, these new sanctions will:

  • expand existing restrictions on providing loans to persons connected with Russia to include entities outside of Russia that are owned by persons connected with Russia;
  • expand the scope of export and import restrictions on broader categories of Russian goods, including gold, and;
  • set out the UK prohibition on importing Russian liquefied natural gas, which will come into force from January 1, 2023.

Alongside the new Regulations, the UK has also issued two further general licences (INT/2022/2305324 and INT/2022/2307324) allowing for otherwise prohibited loans to be provided until November 5, 2022 and permitting such loans to Gazprom Germania GmbH and its subsidiaries.

 

Updated guidance | New regulations | Explanatory memorandum | General Licenses 

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