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The UK and EU continue imposing sanctions on Russia

10 March 2022

The UK and EU introduced additional sanctions against Russia on March 10th 2022. On this day, the UK added seven Russian high Russian individuals to its consolidated list of financial sanctions targets, imposing full asset freezes on them. Their designation also subjected them to travel bans. Subsequently, the Office of Financial Sanctions Implementation of the UK, articulated a new general license authorizing certain activities of the Chelsea FC on particular terms. This permission was given despite the full asset freeze imposed on the football clubs’ owner, Roman Abramovich, that same day. In addition, the UK amended a previously issued license to allow correspondent banking relationships with and the processing of sterling payments to Russian Sberbank. More information on the measures imposed by the UK on March 10th 2022 can be found here.

The EU introduced new measures on this day as well. On this day, the European Council decided to extend existing sanctions targeting persons and entities responsible for threatening or undermining the territorial integrity, independence and sovereignty of Ukraine until September 15th 2022 (an additional 6 months). This extension refers to 53 entities and 862 individuals that have so far, been deemed responsible for the war in the Ukraine. More information on the measures imposed by the EU on March 10th 2022 can be found here.