top of page

Russian Sanctions update – 8th March 2022

There has been a lot of information in the last week relating to the Russian invasion of Ukraine, and the financial impact of these measures. Sanctions have been progressively released by governments throughout the world, and it can be difficult to keep up – in this blog we provide a summary of last week’s sanctions.


Active as of 12th March 2022, the European Union in close co-ordination with the UK and US have agreed to removal of key Russian banks from the SWIFT network. The sanctioned banks are: Bank Otkritie, Novikombank, Promsvyazbank, Sovcombank, Vnesheconombank, Rossiya Bank, and VTB Bank.

Read our in-depth analysis of a SWIFT ban here.

UK sanctions:

  • Major Russian banks to have assets frozen – restricting their access to sterling and transacting payments through the UK

  • The largest of these banks are: Sberbank, VEB development bank, Sovcom bank and Orkritiye1

  • A block has been put on major Russian companies and the state from raising finance or borrowing money on UK markets

  • Asset and account freezes on over 120 individuals

  • A suspension of dual export licenses to cover goods with potential military use

  • A gradual stop will be put to the UK export of high-tech goods and oil refinery equipment

  • Russian airline Aeroflot and its subsidiaries are banned from the UK

  • Restrictions to prohibit UK nationals from participating in financial transactions involving the Central Bank of the Russian Federation, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation

  • Preventing designated banks from accessing GBP and clearing UK payments

  • Revoking access to UK markets for designated banks

  • Prohibition on the export of technical goods in critical sectors

  • All sanctions will apply to Belarussian entities that have supported the Russian invasion in any way

Sberbank: Office of Financial Sanctions Implementation (OFSI) General License in place as of 4th March 2022, expiring on 3rd April 2022 states:

A Person may provide financial services to Sberbank or a subsidiary for the purposes of winding down that activity. A Person, Relevant Institution, Sberbank or Subsidiary can carry out any activity reasonably necessary to affect this.

US sanctions:

  • Restriction on American business with Russian-occupied areas of Donetsk and Lugansk.

  • Sanctioning two of Russia’s largest banks: Sberbank and VTB Bank (including a total of 45 subsidiaries of the two banks)

  • Full blocking sanctions on three other major Russian financial institutions: Bank Otkritie, Sovcombank OJSC, and Novikombank and 34 subsidiaries of these banks

  • OFAC expanded Russia-related debt and equity restrictions to additional aspects of Russia’s economy: 13 major firms are now heavily restricted from raising money through the U.S. market

  • Additional full blocking sanctions on Russian elites and their family members

  • Penalising Belarus for supporting a further invasion of Ukraine by sanctioning 24 Belarusian individuals and entities

For a detailed analysis of these sanctions, read our blogs here and here.


bottom of page