4 views left Get unlimited views with a free account

Explore Russia's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks

Economic Sanctions Imposed on Russia by the United Kingdom

Diplomatic, trade, asset freeze, travel, and defense were the major type of sanctions imposed on Russia by the UK
Oil &Gas, Financial, Aerospace, Defense & Security, Technology, Banking & Payments, and Travel & Tourism were the major sectors impacted by the sanctions imposed by the UK
The export of key oil refining equipment and catalysts has been banned, degrading Russia’s ability to produce and export oil

Major Sanctions Imposed on Russia by the United Kingdom

The UK decided to freeze assts of 92 entries (89 individuals and three entities).
The UK froze assets of Didier Casimiro and Zeljko Runje, former board members of Rosneft, a Russian oil company
The UK expanded its sanction measure banning imports of oil and coal from Russia. The ban on gold came into force on July 21, 2022, while the ban on oil will come into force on December 31, 2022.
The UK imposed an export ban of luxury goods to Belarus and, an import ban of iron and steel from Belarus
The UK decided to ban new imports of Russian gold to harden the sanction pressure on Moscow. In 2021, Russian gold exports were worth $15.5 billion, and many Russians already purchased gold to reduce the financial impact of Western sanctions
The UK Government announced new sanctions against the Russian airline sector to ensure that Russia cannot benefit from the UK’s world-class aviation and transport industries
Announced additional sanctions on Russia imposing an export ban on products and technology, including interception and monitoring equipment that Russia could use to repress the heroic people of Ukraine.
The UK Government announced that it will no longer issue any new guarantees, loans, and insurance for exports to Russia and Belarus.
The UK government has sanctioned additional 206 individuals, including the 178 separatists, six oligarchs, close associates and employees, and an additional 22 individuals
Government issued Russia (Sanctions) Regulations 2022, stipulating a ban on Russian ships entering UK ports
The UK government announced additional 26 sanctions targeting Russian military generals' responsible atrocities in Ukraine, as well as individuals and businesses supporting the Russian armed forces
UK announced sanctions on Russia and Belarus targeting £1.7 billion ($2 billion) worth of trade. New import tariffs will apply to goods including platinum and palladium. Export bans will target chemicals, plastics, rubber and machinery
The UK decided to ban new imports of Russian gold to harden the sanction pressure on Moscow. The British government will announce soon the effective date. In 2021, the Russian gold exports were worth $15.5 billion and many Russians already purchased gold to reduce the financial impact of Western sanctions
The UK sanctioned Russia’s second richest person Oligarch Vladimir Potanin. Moreover, the UK government decided to sanction a group of Russian individuals and companies as they were involved to repress civilians and support the Assad regime in Syria
The Government of the UK issued Russia (Sanctions) Regulations 2022 prohibiting UK individuals/entities from providing financial services for the purpose of foreign exchange reserve and asset management

Explore Russia's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks Explore Russia's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks Visit Report Store