Since March 2014, the UK has imposed financial sanctions to encourage Russia ‘to cease actions which destabilise Ukraine, including actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine’. A new package of sanctions was announced by the UK Government on 24 February 2022 following the invasion of Ukraine. These were extended on the 4 May 2022 (coming into force on 21 July 2022) to cover accountancy, management consulting and PR services.
For the latest UK guidance, check the following pages on GOV.UK:
Information on sanctions can also be found in the UK Government's notices to exporters. In addition, the Export Control Joint Unit hosted a webinar for exporters on 24 March 2022 covering the scope and application of trade sanctions; financial sanctions; the export support service; and enforcement of trade sanctions.
The UK Government's export support team are available to help answer questions about trading with Ukraine, Russia or Belarus through their dedicated online service and telephone helpline.
The EU has imposed economic sanctions in response to the annexation of Crimea, targeting specific sectors of the Russian economy and individuals, since March 2014. On 23-24 February 2022, the European Council agreed on a new package of sanctions against Russia. On 18 December 2023, the EU announced its 12th package of sanctions, including a requirement for EU exporters to introduce a "no Russia clause" into contracts to prohibit re-exportation to Russia and re-exportation for use in Russia of particularly sensitive goods and technology.
For the latest guidance check the EU restrictive measures against Russia over Ukraine page on the European Union website.
Information about the sanctions imposed by the US Government can be found on the Ukraine-/Russia-related Sanctions page on the US Department of the Treasury website.
Nextons News and Insights
Bulletins from the law firm (formerly known as Dentons' Russian practice) covering legal developments, including Russian counter-sanction measures.
More informationTo find out more about what the sanctions mean for accountants, please check our Ukraine crisis: central resource hub.
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