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New UK Sanctions on Russia

On the 6thApril the Foreign Secretary announced a significant ratcheting up of UK sanctions on Russia. The key sanctions announced include:

  • Asset freezes against Sberbank and Credit Bank of Moscow.
  • An outright ban on all new outward investment to Russia.
  • By the end of 2022, the UK will end all dependency on Russia coal and oil and end imports of gas as soon as possible thereafter. From next week, the export of key refining equipment and catalysts will also be banned.
  • Action against key Russian strategic industries and state-owned enterprises. This includes a ban on imports of iron and steel products, and
  • Targeting a further eight oligarchs active in these industries

Further information on these sanctions is given in the attached AMM.

David Moore



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