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ARTICLE · 03 MARCH 2022

Sanctions Tracker – Latest UK Sanctions Imposed On Russia

Herbert Smith Freehills Kramer LLP
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Further to our post yesterday, we set out below the latest UK developments in response to the conflict in Ukraine. As ever, the position continues to change rapidly and we will continue to provide updates via this blog.

United KingdomInternational Law
Susannah Cogman
Susannah Cogman
Daniel Hudson
Daniel Hudson
Elizabeth Head
Elizabeth Head

Further to our post yesterday, we set out below the latest UK developments in response to the conflict in Ukraine. As ever, the position continues to change rapidly and we will continue to provide updates via this blog.

Further designations

On 1 March, the UK's Office of Financial Sanctions Implementation ("OFSI") announced two further designations: Russian Direct Investment Fund and its CEO. Both are now subject to the UK's existing asset freeze measures.

New General Licences

On the same day, OFSI published two further General Licences ("GLs"), both of which relate to VTB Capital and its UK subsidiaries.

  • GL INT/2022/1280976 applies to "relevant authorities", namely those involved in the UK regulation of financial services, including the Financial Conduct Authority, the Financial Services Compensation Scheme, the Prudential Regulation Authority, and the Bank of England. The GL provides that anything may be done by a relevant authority in respect of VTB

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