UK Russia (Sanctions) (EU Exit) Regulations 2019 (as amended 2022)

UK lacked robust sanctions against Russian financial activities post-Crimea annexation.

Key Obligations

No transactions with designated Russian entities without OFSI licence

Penalty Ranges

Up to £1M or 50% of breach value

Mandatory Deadline: In force

Affected HS Codes: All chapters

Issuing Authority: UK Office of Financial Sanctions Implementation (OFSI)