New Russia regime regulations in force

On 10 February 2022, the UK published The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022.

The regulations amend the designation criteria of The Russia (Sanctions) (EU Exit) Regulations 2019 (the “UK Regulations”). Designation criteria have been significantly expanded and now includes those who have been involved in obtaining a benefit from or supporting the Government of Russia. These changes provide for a much wider scope of persons and entities that may be targeted for an asset-freeze designation.

At this time, no additional designations have been put in place, but this legislation enables the UK to impose sanctions on broader categories of Russian businesses and individuals should they want to. This may have a significant impact on Industry if designations occur.

The Government of Jersey have issued an update about what these changes mean.

We have also updated the latest news on our sanctions webpage