UK Implements Latest EU Ukraine Sanctions

As the events in Ukraine and Russia continue to unfold, the reaction by the US and the EU, including imposing sanctions, will impact individuals, businesses and entire sectors. As a polycentric firm, with no headquarters, no dominant culture and no flag, and with partners throughout the world, including Russia, Ukraine and Central and Eastern Europe, Dentons is particularly well positioned to explain the nuances that surround every facet of these complicated developments to our clients. This client update contains an analysis of the policy issues arising from the current situation in Ukraine. We try to present the facts as they are known, and the potential ramifications of what might happen, without taking a position that could be perceived as political in any way. We believe this is the best way to serve our clients.

The EU published its Regulation on the further Ukrainian sanctions (833/2014 - the EU Regulation) on 31 July. The Regulation builds on the existing, and recently updated, list of Designated Persons related to the Ukraine and in relation to which financial sanctions already apply.

Financial Sanctions and Investment Ban

The UK has implemented the further financial sanctions set out in the EU Regulation. The Ukraine (European Union Financial Sanctions) (No 3) Regulations 2014 (the UK Regulations) took effect from 3pm on 1 August and apply to all persons in the UK, all UK nationals and all bodies incorporated or constituted under the law of any part of the UK (UK persons). While the scope of the EU sanctions covers a similar range of persons EU-wide, the UK makes...