The UK government has imposed a range of sanctions on Russia in response to its actions in Ukraine. These sanctions are designed to restrict Russia's access to Western finance, trade, and technology, while also imposing personal sanctions on certain individuals.
To comply with these regulations, businesses must conduct thorough due diligence checks on potential customers, suppliers, and partners. This includes verifying the identity of individuals and entities, as well as checking for any connections with Russia or its interests.
The UK's sanctions regime is complex and constantly evolving. To stay up-to-date, businesses can sign up for email alerts from the FCDO, which provide regular updates on designations and changes to the regulations.
In this article, we will explore the key aspects of the UK's sanctions regime against Russia, including how to conduct due diligence checks and what resources are available to support businesses in complying with these regulations.
Conducting Due Diligence Checks
To comply with the UK's sanctions regime, businesses must conduct thorough due diligence checks on potential customers, suppliers, and partners. This includes:
Verifying the identity of individuals and entities
Checking for any connections with Russia or its interests
Using screening tools to check against lists of sanctioned individuals and entities
Some popular screening tools include Open Sanctions, War Sanctions, Trade Integrity Project (TIP), SelfSanctions, and LeaveRussia.
Resources
To support businesses in complying with the UK's sanctions regime, several resources are available:
The full text of the UK Russia sanctions regulations
Guidance on UK sanctions on Russia
A list of Common High Priority Items (CHPLs)
The Consolidated List of UK financial sanctions targets (designated persons)
General guidance on UK financial sanctions
FAQs on UK financial sanctions
Conclusion
The UK's sanctions regime against Russia is complex and constantly evolving. Businesses must conduct thorough due diligence checks to comply with these regulations, using screening tools and resources available from the FCDO.
By staying up-to-date with the latest developments in the sanctions regime, businesses can minimize their risk of non-compliance and ensure they are meeting their obligations under UK law.