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Client Alert 13 Jun. 2024
Please download the full client alert here.
The UK Government has announced today 50 new sanctions designations and specifications, 48 of which are made under the Russia (Sanctions) (EU Exit) Regulations 2019 (“Russia Regulations”) (two designations are under the Central African Republic (Sanctions) (EU Exit) Regulations 2019, regarding entities linked to the Wagner Group).
These new designations and specifications include ships in Putin’s shadow fleet and suppliers supporting Russia’s military production, such as suppliers of munitions, machine tools, microelectronics, and logistics to Russia’s military, including entities based in China, Israel, Kyrgyzstan and Turkey, along with ships which transport military goods from North Korea to Russia.
In addition, these new designations target institutions central to Russia’s financial system, including the Moscow Stock Exchange. This action is taken in coordination with the US, which designated the Moscow Stock Exchange on 12 June 2024.
In relation to ships specified under the Russia Regulations, the UK Government has clarified that they are prohibited from entering a port in the UK, may be given a movement or a port entry direction, can be detained, and will be refused permission to register on the UK Ship Register or have its existing registration terminated.
Further, the Oil Price Cap exception is not applicable to services in relation to specified ships, or to the supply or delivery of Russian oil or oil products in specified ships. The Office for Financial Sanctions Implementation has published guidance on the Russian Oil Services ban. Limited exceptions apply and licences may be granted for specified ships, as set out in Part 7 of the Russia Regulations.
The complete UK Sanctions List can be found here. The full list of those sanctioned by the UK Government on 13 June 2024 is as follows:
Four vessels in Russia’s ‘shadow fleet’:
Two vessels which have shipped weapons to Russia:
Six entities operating in or supporting the Russian Liquefied Natural Gas (LNG) sector:
One insurer:
One ship manager:
Two entities involved in the Russian civil nuclear sector:
Four entities and one individual connected to Russia’s financial system:
Twenty-one suppliers of munitions, machine tools, microelectronics, logistics or other supplies to the Russian military-industrial complex:
Six individuals or entities who have benefited since the invasion in key sectors for the Russian state:
Two designations made under the Central African Republic (Sanctions) (EU Exit) Regulations 2019 of entities linked to Wagner Group:
International Trade
Economic Sanctions
Ana Amador
Associate
Elena Klonitskaya
Partner
Harry Draper
Trainee Solicitor
Jessica Simpson
Brussels
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