The UK has introduced (press release) the Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023, which:
- bans the import of certain Russian metals (subject to trade licence below) (Reg 7);
- expands the payments processing restrictions to include non-sterling payments (Reg 3);
- prohibits the provision of technical assistance relating to luxury goods (Reg 5);
- provides statutory footing for annual frozen assets reporting to OFSI and imposed reporting obligations (and civil penalties for failure to report) for designated persons (Reg 16, 17, 21); and
- included a licensing ground for divestment (Reg 22).
A trade licence was issued to authorise the acquisition of a warrant on a global metal exchange, so far as otherwise prohibited by the new regulations, by LME Clear Limited, the London Metal Exchange, global metal exchange members, and clients of global metal exchange members.
The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023 introduces a diamond ban to come into force on 1 January 2024, which prohibits the import of diamonds and diamond jewellery from Russia.