UK, US and EU announce new sanctions – latest on the crisis in Ukraine

Wed 6 Apr 2022
Posted by: William Barns-Graham
Trade News

ukraine russia crisis

The UK has unleashed new sanctions against Russia in response to its invasion and alleged war crimes in Ukraine.

Foreign secretary Liz Truss announced the new package of measures today (6 April), which includes a ban on all oil and coal imports from Russia by the end of the year.

The package follows similar moves by the US and EU administrations earlier in the day.

Import and export bans

The Guardian also reports that imports of iron and steel products from Russia will be banned while exports of key oil refining equipment are also to be embargoed.

Eight more oligarchs are to receive sanctions and asset freezes will be imposed on Sberbank and Credit Bank of Moscow.

An outright ban is also being paced on all new outward investment in Russia - worth £11bn in 2020.

EU measures

The EU announced its fifth round of sanctions against Russia including bans on €4bn of coal imports, four key Russian banks, and Russian vessels entering EU ports.

President Ursula von der Leyen announced the latest sanctions to the European Parliament today (6 April), saying: “At this critical point in the war, we must increase the pressure on Putin again, and the Russian government. This is why we propose to tighten our sanctions even further.”

EU package

The Guardian reports that the new package of EU’s sanctions includes:

  • a ban on Russian and Belarusian road transport operators
  • targeted export bans worth €10bn on tech and transportation equipment
  • new import bans worth €5.5bn on products from wood to cement, from seafood to liquor

More individuals named

Named individuals, including the head of Russia’s biggest bank Herman Gref and aluminium oligarch Oleg Deripaska, are being added to the EU sanctions list, the FT reports.

They will be subject to asset freezes and travel bans by the bloc.

US measures

The US is also sanctioning Russia’s Sberbank, which holds one-third of Russia’s total banking assets, and the daughters of Vladimir Putin in its own sanctions.

A White House official told reporters, including those at Reuters, that the US' new package also blocks energy transactions.

The FT reports US embargoes on Hydra, the Russian dark web marketplace, and Garantex, a virtual currency exchange that operates largely out of Russia.

Britain wants more

The US, EU an UK have coordinated their latest round of sanctions, according to Bloomberg.

London had urged G7 allies to go further on Russia by fully banning the country from the Swift banking system and by setting a deadline for ending the use of Russian oil and gas, according to the Times.

Tracking sanctions

Firms can stay up-to-date with the latest sanctions being imposed on Russia by using the ‘Real-Time Global Trade Sanctions Tracker’ from the IOE&IT and Coriolis Technologies.

The dynamic tool is free to use and covers US, EU and UK sanctions against companies and individuals, dual-use goods and specifically sanctioned goods.