Sanctions against Russia
13 Commons Library Research Briefing, 22 March 2023
• Promsvyazbank – services the Russian defence sector and accounts for
70% of state contracts signed by the Russian Defence Ministry.
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Following these designations, 186 individuals and 58 entities were subject to
financial sanctions under the Russia regime.
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The Government also announced restrictions which will prevent Russia from
issuing sovereign debt on UK markets.
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The Government also said it would extend the territorial sanctions imposed on
Crimea to non-government-controlled territory in Donetsk and Luhansk and
indicated its intention to sanction those members of the Russian Parliament
who voted to recognise the independence of DPR and LPR on 15 February
2022.
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386 members of the Russian Duma were subsequently sanctioned by the UK
on 11 March 2022. Members of Russia's Federation Council were sanctioned on
15 March 2022.
The Russia (Sanctions) (EU exit) (Amendment) (No.7) Regulations 2022, made
on 30 March 2022, extended the territorial sanctions, already applicable to
Crimea, to the non-government controlled areas in Donetsk and Luhansk.
3.2 Second tranche of sanctions
On 24 February the Government announced a second "comprehensive" and
"unprecedented" set of sanctions, developed with international partners and
allies, in response to the onset of Russian military action in Ukraine.
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Many of
the measures set out in this second tranche were enacted by the Russia
(Sanctions) (EU Exit) (Amendment) (No.2) Regulations 2022 and the Russia
(Sanctions) (EU Exit) (Amendment) (No.3) Regulations 2022 which came into
force on 1 March.
The measures ban key Russian industries and companies from raising finance
on the UK's financial markets, designated Russian banks are unable to access
Sterling and clearing payments through the UK and an asset freeze has been
imposed on several major Russian financial institutions preventing them from
accessing the assets they hold in the UK. The Government estimates that
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Office of Financial Sanctions Implementation, Consolidated list of financial sanctions targets:
Russia, 24 February 2022
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HC Deb 22 February 2022, c291
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Sovereign debt is the amount of money borrowed by a country, usually issued as bonds in a foreign
currency. The debt is aimed at raising money to finance the country's growth. Sovereign debt is
examined in greater detail in House of Commons Library, Countering Russian influence in the UK,
25
February 2022
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Foreign, Commonwealth and Development Office, Press release, 22 February 2022. On 24 February
the Government suggested 571 members of the Russian Duma and Federation Council would be
targeted (FCDO,
Press release)
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Foreign, Commonwealth and Development Office, Press release, 24 February 2022
