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The UK government announced sanctions on the export of dual-use goods and technologies to Russia

19 March 2022, 19:32

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Along with the financial and economic sanctions against the Russian Federation, which came into force after the UK government decree of March 1, sanctions will also be imposed against the export of dual-use goods and high-tech products to the Russian Federation.

This was stated to Guildhall in an official comment made by the British Foreign, Commonwealth & Development Office (FCDO).

"On top of these financial measures and in full concert with the United States and the EU, we will introduce new trade restrictions and stringent export controls, similar to those the US are implementing. We will bring forward new legislation to ban the export of all dual-use items to Russia, including a range of high-end and critical technological equipment and components in sectors including electronics, telecommunications, and aerospace", – was stated by UK Foreign, Commonwealth and Development Office.

Regarding financial sanctions against the Russian Federation, the FCDO clarified that this refers to measures that came into force due to the regulation of the UK government adopted on March 1st.

"On 1 March we made regulations that introduced new measures that prohibit financial transactions with the Central Bank of the Russian Federation, Russian Ministry of Finance and Russian National Wealth Fund. Following discussions between the UK and international partners, the EU announced on 2 March that 7 Russian banks would be removed from SWIFT on 12 March. UK pressure was instrumental to this decision. This measure on already sanctioned entities, in concert with the US and the EU, will ensure that these Russian banks will no longer be able to use SWIFT to transact with banks in any country, regardless of whether that country has imposed sanctions on Russia".

"New powers will also enable us to ban Russian state and private companies from raising funds in the UK, banning dealing with their securities and making loans to them. We will limit the amount of money that Russian nationals will be able to deposit in their UK bank accounts. Overall we will be imposing asset freezes on hundreds of entities and individuals. This includes all the major manufacturers that support President Putin’s war machine; and also banning Aeroflot from the UK".