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Trading under sanctions with Russia
What import and export restrictions apply due to sanctions for UK companies when trading with Russia.
he UK government has imposed a range of sanctions measures, including trade and financial sanctions, under The Russia (Sanctions) ( EUExit) Regulations 2019(“the Russia Sanctions Regulations”).
The purposes of the Russia Sanctions Regulations are to encourage Russia to cease actions:
- destabilising Ukraine, or
- undermining or threatening the territorial integrity, sovereignty or independence of Ukraine
UK businesses are responsible for the decision on whether to trade with Russia.
Business should expect a high unpredictable trading environment as a result of:
- designations of individuals and entities under the Russia Sanctions Regulations by the UK
- retaliatory measures by Russia
The Russia Sanctions Regulations affects several aspects of trade with Russia, including:
- the movement of goods to and from Russia
- the settling of financial transactions with suppliers and customers
- trading with certain businesses and individuals
Businesses should seek legal advice if they plan to continue trading with Russia.