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UK Sanctions on Russia
The UK continues to issue sanctions against Russia in response to the illegal invasion of Ukraine. Currently, sanctions cover many aspects of professional and legal services, nearly 700 goods, airlines, and luxury goods, among others.Each sanctions announcement has been followed by a period of time before the eventual laying of legislation. Once legislation is, statutory guidance and further details become available. The CBI will continue its engagement with government on the business response to and impact of sanctions.
Targeted financial sanctions will continue to be periodically announced and the full list can be accessed here.
CBI Economics analysis on how the conflict in Ukraine is set to push UK inflation higher.
Catch up on the previous CBI @10am webinars on:
- How can your business support Ukrainian nationals? Catch up to find out
- Economic sanctions and cybersecurity. You can also find the podcast, here
- Building business resilience across supply chains. You can also find the podcast, here
- You can also catch up on the government's 'UK sanctions in relation to Russia' briefing, here.
Support for business
Access the latest guidance from the government, trade associations and business community.
UK’s economic sanctions regime against Russia continues to evolve
The UK has continued to issue sanctions and trading restrictions on Russia. UK import restrictions now apply to over £13.5 billion worth of Russian exports, bringing the proportion of goods imports from Russia covered by sanctions to more than 96 percent. Recent sanctions against Russian-origin gold have been in alignment with G7 partners, however, the UK government has demonstrated that it is likely to continue developing sanctions unilaterally as well.
Some useful resources*
- OFSI e-alerts and consolidated list for financial sanctions
- Guidance for trading under sanctions with Russia
- UK Sanctions Relating to Russia
- Russian Sanctions: Guidance
- Financial Guidance: Russia
- Guidance on how to assess if your goods are dual-use.
*These links refer to 2019 and the latest 2022 financial sanctions relating to Russia.
Companies doing business with countries subject to sanctions must accept the risks of doing so, just as they accept other political and market risks. The government suggest you take legal advice if you suspect your business could be impacted.
- You can stay up to date with the latest government notifications on export controls by signing up to the Export Control Joint Unit (ECJU) e-alert service
- Watch the Institute for Export's webinar on How to comply with trade sanctions against Russia.
HMG officials hosted a webinar for businesses. The webinar covered the scope of sanctions, scope and application of trade sanctions; financial sanctions: restrictions and general licenses; the Export Support Service and enforcement of trade sanctions. You can catch up on the government's 'UK sanctions in relation to Russia' briefing, here.
On economic impact
Check out this analysis from the CBI's Economics team on how the conflict in Ukraine is set to push UK inflation higher.
Russia’s invasion has materially altered the near-term outlook for the UK and global economies, with increased uncertainty over the path ahead.
Read the early analysis from CBI experts on the impact in the UK economy.
Members can access the exclusive updated analysis, here.
Both focus on four key areas:
- Energy (and other commodities)
On supply chain disruption
The Russian invasion of Ukraine is a further challenge to UK businesses’ supply chains.
To understand how supply chain challenges are playing out across the economy and help shape our messaging into government, members can access our dedicated campaign page here.
On humanitarian support
We are working with our members to actively support the humanitarian consequences of the Ukrainian crisis. To date we have been coordinating activity between business, trade associations, the Ukrainian Embassy and across UK government departments.
Many businesses have already made significant donations to relevant charities and offered their services to support Ukrainian citizens ranging from the provision of vital supplies such as medicines and foods through to logistics, digital infrastructure and cyber security.
Read the CBI's factsheet on humanitarian aid to Ukraine.
We are appealing to our members and the wider business community to support the humanitarian efforts, so if you would like to donate please do so via Unicef, Redcross, DEC or UNHCR (UN Refugee Agency)
The Ukrainian Embassy in the UK has established this page for those who may wish to donate to direct funds.
Most frequently asked questions
What is the state of play and the impact on businesses?
Following Russia’s illegal invasion of Ukraine, the UK government has been releasing an evolving sanctions regime. For the most up to date list of UK sanctions visit GOV.UK ‘UK Sanctions against Russia’.
The CBI is closely monitoring the situation in Ukraine and continues to engage with the Foreign, Commonwealth and Development Office (FCDO) and Department of International Trade (DIT) as well as our European counterparts, on the sanctions being imposed against Russia and its impact on business.
Further to this engagement, CBI Economics has produced a briefing analysing the impact on the UK economy via four main channels: energy (and other commodities), trade, financial links and confidence.
Can my business trade with Russia?
The government has advised that businesses make use of the Export Support Service (ESS) for any queries and/or concerns relating to sanctions or trade with Russia. The ESS has been expanded to act as a single point of enquiry for businesses and traders
Should I trade with Russia?
The government has said that it doesn't advise business on what it should and shouldn’t do.
Force Majeure Certificates: what are they, and how can I get one?
These certificates attest the existence of force majeure circumstances. This means circumstances beyond the control of a business such as fire, flood, industrial disputes, pandemic, wars and conflicts etc. that impact your ability to meet the terms of a contract.
My firm is concerned about cyber security, where can I find advice?
- Businesses are right to be concerned about the safety of their online assets and imminent cyber risks - find support and useful guidelines to manage your cyber security:
- Russian invasion of Ukraine: UK government response
- Sanctions relating to Russia: where businesses can go for support
- Learn how your business can respond to heightened cyber threat
Get in touch
The CBI is ready to support you: share how the Ukrainian crisis is affecting your business.
You can speak directly to your account manager for additional support.