Expeditors Newsflash

Corrected: UK Issues the 7th Package of Russia Sanctions

Posted by Nathan Taylor on 12/19/23 5:00 PM

This article is being re-issued with minor grammatical  and informational changes. The original title was "European Council agrees on a 12th package of sanctions against Russia".

On 14 December 2023, the United Kingdom (UK) government introduced regulations to further sanction goods, technology, and sources of funding that could support Russia’s military action against Ukraine.

The new package of sanctions bans the export of a range of goods that carry a risk of military or industrial usage, as well as items Ukraine has found on the battlefield, including machine parts and electronics. The regulations also ban the import of certain Russian metals, as announced by G7 leaders in May. Additionally, the UK government is introducing separate regulations to ban the import of diamonds from Russia and plans to proceed with a prohibition on ancillary services relating to metals when this can be done in concert with international partners.

The regulations include a series of financial measures designed to support businesses that decide to divest from Russia. It is hoped that this will clarify and broaden the scope of existing sanctions on correspondent banking. The changes will also introduce new reporting obligations to provide greater transparency of assets held in the UK and improve compliance with the existing sanctions regime. The designated person asset reporting measure enters into force on 26 December 2023.

This new package contains sanctions on £70 million of potential UK exports to Russia and £67 million of imports, plus tightened sanctions on £662 million of exports that are already subject to restrictions.

Further guidance can be found on the Russia sanctions statutory guidance site, notices to exporters (published by the UK’s Export Control Joint Unit (ECJU), and the notice to importers on Russia import sanctions.

The legislation is also available at the links listed below:

7th trade sanctions package: Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023

Diamond ban: Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023

Topics: Sanctions, Russia

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