- William Kanaan
Sanctions Against Russia and Belarus
Sanctions have been in place against the Russian and Belarusian Governments and certain businesses and individuals for a number of years. However, since the invasion of Ukraine by Russian forces, the European Union, United States and United Kingdom have introduced a host of further sanctions against both countries.
In brief, the sanctions have the effect of restricting persons from:
receiving payment from or making funds available to persons on the sanctions list;
dealing with their economic resources; and
making even legitimate payments to those persons.
The penalties for breach of sanctions include large fines and lengthy terms of imprisonment.
Detailed checks should therefore be made before carrying out business with any party that has links to Russia or Belarus.
UK Government sanctions https://www.gov.uk/government/collections/uk-sanctions-on-russia and https://www.gov.uk/government/publications/financial-sanctions-belarus
US Government sanctions https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/ukraine-russia-related-sanctions and https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/belarus-sanctions
EU Council sanctions https://eur-lex.europa.eu/eli/dec/2014/145(1)/