An unprovoked and bloody invasion by Russia on Ukraine is underway by land, by sea and by air. In response, the Prime Minister yesterday announced the largest and most severe package of economic sanctions we have ever introduced and that Russia has ever faced.

We are imposing these sanctions in close coordination with our US and European allies to ensure they have maximum impact. These sanctions are targeted at the people and financial institutions who have underwritten Putin’s war machine. Sanctions will also be applied to Belarus for its role in the assault on Ukraine.

Please find below an overview of the new sanctions. You can read the Prime Minister’s statement to Parliament here.  

If you have specific questions related to the impact these sanctions may have on your business, please contact us on [email protected]

Overview of Sanctions

In close cooperation with our allies, we will impose on Russia the largest and most severe package of sanctions ever enacted on a major economy;

  1. We will starve the Russian state of their access to finance, introducing legislation by 1 March to:
  • Stop the Russian state from being able to borrow in UK markets and issue sovereign debt;
  • Block the ability of major Russian banks to operate in sterling around the world with a prohibition on clearing payments in sterling – in concert with the US this is the largest financial sanction ever;
  • Block major Russian state and private companies from raising funds in the UK, banning dealing with their securities and loans;
  • Limit the amount of money that Russian nationals can deposit in their UK bank accounts;
  • And in concert with the United States, we are imposing a full asset freeze on the Russian bank VTB.
  1. We will expand our measures to prevent key goods and technologies from being exported to Russia by:
  • No longer approving licences for the export of dual-use goods, with immediate effect;
  • Banning the export of a range of high-end and critical technical equipment and components, with enabling legislation laid in March.
  1. We will be sanctioning over 100 more individuals and entities in total, including VTB, Russia’s largest bank, and major defence sector organisations:
  • Freezing their assets in the UK.
  • Preventing any UK entities from engaging with these organisations and individuals in the UK or overseas.
  • Imposing travel bans on individuals.
  1. And we will ban Russian airline Aeroflot from our skies.

Update from the National Cyber Security Centre

Following Russia’s further violation of Ukraine’s territorial integrity, the National Cyber Security Centre has called on organisations in the UK to bolster their online defences.

The NCSC – which is a part of GCHQ – has urged organisations to follow its guidance on steps to take when the cyber threat is heightened.

While the NCSC is not aware of any current specific threats to UK organisations in relation to events in and around Ukraine, there has been a historical pattern of cyber attacks on Ukraine with international consequences.

The guidance encourages organisations to follow actionable steps that reduce the risk of falling victim to an attack.

We would also encourage you to follow the NCSC’s social media channels: LinkedIn and Twitter for further alerts and updates. Full details of the campaign to support CNIs, large organisations and public sector organisations can be found here.

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