UK, EU And US Sanctions On Russia

UK, EU and US Sanctions on Russia and Belarus update as of 8 October 2024

With the rapid expansion of UK, EU and US sanctions on Russia and Belarus in recent weeks - and with more in the regulatory pipeline - we set out:

1. What's New (to 8 October)
2. A 5-step checklist for assessing how your activities may be affected
3. A Sanctions Summary

1. WHAT'S NEW

UK

• On 1 October 2024,  the UK amended General Licence INT/2023/3179120 (Payment to Water Companies for Water & Sewage). The General Licence permits UK designated persons to make certain permitted payments to water companies from a frozen UK bank account, or for any person to make permitted payments to water companies on behalf of a designated person. The General Licence also permits water companies to make return payments to frozen UK bank accounts. The updated General Licence amends the definitions of "UK DPs" and "Return Payments".