Sanctions against Russia
11 Commons Library Research Briefing, 22 March 2023
3 What sanctions is the UK imposing?
On 31 January 2022, the Foreign Secretary confirmed that the Government
would introduce legislation enabling "an unprecedented package of
coordinated sanctions", should Russia invade Ukraine.
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The Russia (Sanctions) (EU exit) (Amendment) Regulations 2022 were
published on 10 February. The regulations amended the designation criteria
initially set out in the Russia (Sanctions) (EU exit) Regulations 2019, and
identified sectors of "strategic significance" to the Russian Government,
including the chemical, defence, energy, extractives, electronics, ICT and
financial services sectors.
Under the new measures, the UK is now able to target the strategic interests
of the Russian state more broadly, including Russian banks, the energy
sector, and individuals with close ties to the Kremlin. Introducing the
legislation, the Foreign Secretary said:
We will be able to target any company that is linked to the Russian state,
engages in business of economic significance to the Russian state, or operates
in a sector of strategic significance to the Russian state. Not only will we be
able to target these entities, we will also be able to go after those who own or
control them. This will be the toughest sanctions regime against Russia we
have ever had, and it is the most radical departure in approach since leaving
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HC Deb 31 January 2022, c55
1 Latest developments
Since the last update to this briefing (16 February 2023):
• As of 17 March 2023: 1,550 Russian individuals and 180 entities are subject
to UK sanctions under the Russia regime (PDF). £275 billion of Russian
assets have been frozen.
• On 24 February 2023, the first anniversary of Russia's invasion of Ukraine,
the UK announced a new package of sanctions targeting 92 individuals
and entities, including some of Putin's closest allies, and a ban on the
export of every item Ukraine has found Russia using on the battlefield so
far.
