25 February 2022, 17:58
25 February 2022, 17:58
Our clients rely on us to provide continued up-to-date global coverage in terms of Sanctions and PEP Data. Therefore, we publish the recent update for global sanctions lists on the 22nd of February.
In order to respond to the changes to sanctions regimes given the political circumstances, our team is constantly monitoring the situation and implementing all daily updates.
All sanctions updates have been made and as Sanctions can change quickly many government officials announce new sanctions before they are officially designated (due to required legislation as for example in the EU).
We have got you covered and ensured that the sanctions are up to date and have been pushed into our live production environments. We have updated the Data in terms of the US Office of Foreign Assets Control (OFAC) and the UK.
The EU has restrictive measures in the response to the crisis in Ukraine. Therefore it imposed a new package of sanctions against Russia.
The Council agreed on a package of measures to respond to the decision by the Russian Federation to proceed with the recognition of the non-government-controlled areas of Donetsk and Luhansk oblasts in Ukraine as independent entities, and the ensuing decision to send Russian troops into these areas. The Council adopted restrictive measures, within the framework of the existing sanctions, on five more individuals for actively supporting actions and implementing policies that undermine or threaten the territorial integrity, sovereignty, and independence of Ukraine.
The persons designated today are members of the State Duma of the Russian Federation, who was elected to represent the illegally-annexed Crimean peninsula and the City of Sevastopol on 19 September 2021, as well as the head and deputy head of the Sevastopol electoral commission
Targeted sanctions against the 351 members of the Russian State Duma and an additional 27 individuals
Restrictions on economic relations with the non-government-controlled areas of Donetsk and Luhansk oblasts
Restrictions on Russia’s access to the EU’s capital and financial markets and services.
On 24 February, EU leaders met at a special summit convened following Russia’s aggression against Ukraine. They agreed on further sanctions against Russia that target:
The financial sector
The energy and transport sectors
Export control and export financing
Additional sanctions against Russian individuals
New listing criteria
Foreign Secretary imposed UK’s most punishing sanctions to inflict maximum and lasting pain.
Comprehensive sanctions covering Russian elites, companies, and financial institutions were announced following Russia’s full-scale invasion of Ukraine.
Russian bank assets in the UK to be frozen totally shutting off its banking system from UK finance markets.
The UK is banning Russian state-owned and key strategic private companies from raising finance on the UK financial markets.
More than 100 companies and oligarchs at the heart of Putin’s regime hit with sanctions today worth 100s of billions of pounds, asset freezes, and travel bans.
Punitive new restrictions on trade and export control against Russia’s hi-tech and strategic industries
Russia’s national airline Aeroflot banned from UK airspace
new restrictions to cut off wealthy Russians’ access to UK banks.
The UK is working with allies to exclude Russia from the SWIFT financial system.
Freeze the assets of all Russian banks including, today, a full asset freeze on VTB, Russia’s largest bank. Co-ordinated with the US this is by far the single biggest financial sanction in history. Individuals and companies whose assets are frozen will be unable to undertake any business in the UK or with UK nationals.
Prevent Russian companies from borrowing on the UK markets, effectively ending the ability of those companies closest to Putin to raise finance in the UK. This is in addition to banning the Russian state itself from raising funds in the UK, as previously announced.
Take the power to prevent designated banks from accessing Sterling and clearing payments through the UK. This will match the power the US already has. Banks subject to this measure will be unable to process any payments through the UK or have access to UK financial markets.
Where a relevant institution has already reported details of accounts, other funds, or economic resources held frozen for designated persons, they are not required to report these details again.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offense.
Further details on changes to the new format of the Consolidated List
The US Treasury Announced Unprecedented and expansive Sanctions against Russia and also made new actions targeting Russian elites.
For more information please read this article.
Enhanced sanctions against Russian entities, individuals, vessels, and Banks have increased the risk for organisations with this exposure exponentially, but also significantly increases the unknown risks for institutions who may not have the correct measures in place to detect behaviour that suggests an attempt to circumvent sanctions.
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