Responses to the Russia/Ukraine Crisis - Sanctions Update No. 8

As the war in Ukraine grinds on, Western countries have continued to ramp up pressure on Russia’s economy through financial and trade sanctions. A particular focus in recent months has been on Russia’s so-called “shadow fleet” – ships, and particularly oil tankers, being used to evade sanctions and circumvent the oil price cap. Those supporting the shadow fleet, such as insurance providers, have also been targeted. 

Tackling the evasion of sanctions and the need to enforce national restrictions remain top priorities for allied states. States are increasingly demonstrating a coordinated approach in their efforts to tackle sanctions evasion. In September the G7 group of countries published its first ever joint guidance for industry on preventing evasion of export controls and sanctions against Russia. Other states are taking their lead from the UK, EU and U.S. and introducing their own, aligned, sanctions regimes. 

In this update to our previous articles we look at the major recent developments in the UK, EU and U.S. sanctions programmes and consider their impact.