UK Introduces New Sanctions to “Squeeze Russia from The Global Economy”

Britain has introduced a new tranche of trade sanctions against Russia, the UK government confirmed on June 23.

The updated Notice to Exporters includes prohibitions on the export to Russia of a range of goods and technologies, jet fuel, maritime goods, as well as Sterling or EU denominated banknotes.

Some services also saw increased sanctions, including new prohibitions on technical assistance, funds, brokering services relating to iron and steel imports, and certain financial services.

Summary of the new measures as published by the UK Government:

• Prohibitions on the export, supply and delivery, making available and transfer (as well as related technical assistance, financial services, funds and brokering services) of:
• internal repression goods and technology
• goods and technology relating to chemical and biological weapons
• maritime goods and technology
• additional oil refining goods and technology
• additional critical industry goods and technology
• Prohibitions on the export to, or for use in Russia of jet fuel and fuel additives, as well as prohibitions on the making available, export, and supply, directly or indirectly, of such products to Russia or for use in Russia (as well as related technical assistance, financial services, funds, and brokering services).
• Prohibitions on the export to, or for use in, Russia, of Sterling or EU denominated banknotes; as well as prohibitions on the making available, supply, or delivery of such banknotes to a person connected with Russia; and on the making available of such banknotes for use in Russia.
• Some of the above prohibitions will relate to Russia, as well as the non-government-controlled territories of Ukraine.
• Prohibitions on the import, acquisition or supply and delivery of revenue generating goods that originate in or are consigned from Russia (as well as related technical assistance, financial services, funds, and brokering services).
• Prohibitions on the provision of technical assistance, and financial services, funds, and brokering services relating to iron and steel imports.

Sanctions against Russia by the UK first began in early February, upon the commencement of Vladimir Putin’s illegal invasion of Ukraine. British Prime Minister Boris Johnson pledged to “squeeze Russia from the global economy, piece by piece” – a line he reiterated in an interview with Reuters during yesterday’s Commonwealth summit in Rwanda.

“Putin will stand condemned in the eyes of the world and of history,” he added in his Feb. 24 statement to the House of Commons. “He will never be able to cleanse the blood of Ukraine from his hands.”

Full details of the latest sanctions can be read here.