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Jersey Chamber of Commerce

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Category: Local Business News  States of Jersey

Russian Sanctions Update

Mar 01, 2022

Please find below updated information regarding Russian sanctions:

  • At midnight last night, two new UK sanctions regulations came into force, one relating to financial services and one to trade. These regulations amend the UK-Russia sanctions regime, significantly expanding the restrictions in force against Russia. 
  • Jersey fully supports, has implemented, and will continue to implement, all UK and UN sanctions deployed in response to Russia’s actions. In the coming days and weeks, we expect further amendments to the UK Sanctions Regime.
  • For financial services, there is now a widened list of companies and banks under restrictions and this brings targeted full asset freezes on some institutions.
  • On trade, there are now additional trade restrictions, including on various types of:
  • electronics and electronic equipment and components
  • computers and software
  • telecommunication equipment
  • sensors and lasers
  • navigation and avionics
  • vessels, marine systems or equipment
  • aerospace and propulsion
  • consumer communication devices
  • Guidance for Jersey’s financial services industry will be updated regularly, and an outreach programme will be delivered to assist industry in complying with these new restrictions.

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