Asset freeze: Ukraine sanctions

Heads of state on both sides of the Atlantic recently condemned the Russian Federation for its actions in Ukraine. In an attempt to put pressure on Russia, Barack Obama signed an executive order and European Union member states passed legislation imposing financial sanctions on named individuals they believe to be responsible for the ongoing situation in Ukraine.

What is the applicable legislation in the UK? On 17 March 2014, the Ukraine (European Union Financial Sanctions) (No. 2) Regulations 2014 came into force in the UK (‘UK Ukraine Regs’). This mirrors the European Council Regulation on Ukraine (‘EU Ukraine Regs’), which had a direct effect on all EU member states.

What is prohibited under the UK Ukraine Regs? The UK Ukraine Regs prohibit a person from dealing with the funds or economic resources belonging to, or owned, held or controlled by, a designated person…

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