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ARTICLE · 18 JANUARY 2024

Sanctions And Export Control | UK Regulatory Outlook January 2024

Osborne Clarke LLP
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New trade and financial sanctions against Russia | OFSI updates correspondent banking restrictions and oil price cap | New unit to crack down on sanctions evasion | New general licences for sanctioned...

GlobalInternational Law
Osborne Clarke
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New trade and financial sanctions against Russia | OFSI updates correspondent banking restrictions and oil price cap | New unit to crack down on sanctions evasion | New general licences for sanctioned Russian iron and steel and payments to local authorities.

New trade and financial sanctions against Russia

On 14 December 2023, the UK government introduced its seventh trade sanctions package against Russia as well as a separate ban on the import of diamondsfrom Russia.

The legislation aims to prohibit the export of goods that carry a risk of being used in Russia's war on and invasion of Ukraine, and includes financial measures aimed at supporting businesses divesting from Russia.

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