UK sanctions five banks and three individuals in response to Russian invasion of Ukraine

In response to Russia’s recognition of rebel-held regions in eastern Ukraine as independent nations, and its subsequent decision to send Russian soldiers into Ukraine, the UK Government has added five Russian banks and three Russian individuals to the consolidated list, meaning that they are now subject to an asset freeze. UK businesses will need to review their sanctions systems and controls to ensure that they cater for the updated UK sanctions regime and and consider, as part of their due diligence checks, the risk of their overseas clients, counterparties and joint ventures (particularly in Russia) being sanctioned.