Unsurprisingly, OFSI is constantly updating the sanctions lists in respect of Russia. On 24 and 25 February it updated the list of designated persons, which as at 25 February ran to 190 individuals and 59 organisations. The FCDO also confirmed its assets freeze on Vladimir Putin and Foreign Minister Sergey Lavrov, while the UK, the EU, France, Germany, Italy, Canada and the US put out a joing statement of their proposed measures to further isolate Russia from the international financial system. Additionally, on the morning of 28 February, the Chancellor announced the Government’s intention to take further measures in concert with the EU and US, which would prevent the Central Bank of the Russian Federation from deploying its foreign reserves in ways that will undermine the impact of sanctions, and with the intention of undercutting its ability to engage in fx transactions.
The raft of measures will include further restrictions against Russian financial institutions, increased trade restrictions, measures to prevent Russian companies from issuing transferable securities and money market instruments, and restrictions that will prevent UK persons dealing with the Central Bank, the Russian National Wealth Fund and its Ministry of Finance. Work continues on excluding Russian banks from SWIFT, and sanctions will also apply to Belarussian individuals and organisations that have supported the Russian invasion.