Insights

The relevant UK legislation regarding sanctions relating to Russia is The Russia (Sanctions) (EU Exit) Regulations 2019 which has recently been amended by six additional regulations (“the Amendment Regulations”) following the outbreak of armed conflict in Ukraine. 

On 24th February 2022, the European Union put into place a wide range of measures in response to the conflict Ukraine. These measures can be found in Regulation 2022/328.

Ideally, contracts and the transactions they govern would proceed smoothly – cargo would be available at the loading port when intended, ships would arrive on time to collect it and it would then be transported to and off-loaded at the intended discharge port. In real life however, many things can go wrong.

Since the outbreak of war in Ukraine, the US has imposed further sanctions on Russian banks, financial institutions, entities and individuals. 

The Law of Ukraine on Sanctions No. 1644-VII has been in force in Ukraine since 2014 and provides for a non-exhaustive list of 24 possible sanction types.