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Regulatory Blog

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UK issues new package of trade sanctions on Russia and Belarus
On 9 May 2022, the UK announced a new round of trade sanctions on Russia and Belarus targeting £1.7 billion worth of trade. The sanctions announced by the International Trade Secretary and the Chancellor of the Exchequer include import tariffs and export bans. The new import tariffs will cover £1.4 billion worth of goods, including platinum and palladium.
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 23 May 2022)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
BVI FSC reminds industry on sanctions obligations
On 2 May 2022, the Financial Services Commission (FSC) and the Financial Investigation Agency (FIA) issued joint industry Circular No. 2, reminding entities licenced or otherwise authorised or approved to carry on business in and from within the BVI (the Relevant Entities), that as an Overseas Territory, the BVI is required to comply with all sanctions issued by the United Kingdom extended to it by way of the relevant Overseas Territories Sanctions Orders.
UK issues new package of trade sanctions on Russia and Belarus
On 9 May 2022, the UK announced a new round of trade sanctions on Russia and Belarus targeting £1.7 billion worth of trade. The sanctions announced by the International Trade Secretary and the Chancellor of the Exchequer include import tariffs and export bans. The new import tariffs will cover £1.4 billion worth of goods, including platinum and palladium.
European Commission updates its FAQs on sanctions imposed to Russia
The European Commission has published a number of Frequently Asked Questions (FAQs) on the sanctions adopted in 2022 following Russia’s military aggression against Ukraine.
Sanctions licensing in the United Kingdom Overseas Territories
This post examines the sanctions licensing process in the British Virgin Islands (the BVI), the Cayman Islands, Bermuda, and Anguilla.
Cayman Islands activate a task force on Russia sanctions
On 8 April 2022, the Government of the Cayman Islands announced the establishment of a joint task force to coordinate, identify, and apply policy amendments to implement the Russia Sanctions. The United Kingdom’s sanctions on Russia impact the work of multiple agencies throughout the Cayman Islands Government.
Update to EU Sanctions on Russia-Ukraine-Belarus (up to 21 April 2022)
European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here
Cyprus announces expansion of responsibilities of the Financial Sanctions Advisory Committee
On 20 April 2022, the Ministry of Finance issued an announcement advising that the Council of Ministers, following the suggestion of the Minister of Finance, has decided to expand the responsibilities of the Financial Sanctions Advisory Committee (SEOK).
CySEC issues circular on fifth wave of EU sanctions on Russia
On 15 April 2022, the Cyprus Securities and Exchange Commission issued circular 501 (Circular 501) drawing the attention of Regulated Entities to the fifth wave of restrictive measures of the European Union, dated 8 April 2022, imposed against Russia due to its military aggression against Ukraine.
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