Loading…
Loading…
Announced to the House of Commons on the day of the invasion, this was the UK's opening sanctions package of the 2022 Russia regime, acting under powers in the Sanctions and Anti-Money Laundering Act 2018 / the Russia (Sanctions) (EU Exit) Regulations 2019 (as subsequently amended through the year). It combines a designated-bank asset freeze (VTB), a blanket freeze on other Russian banks' UK-held assets, an individual/entity designation list skewed toward the defence industrial base, an aviation ban, and the first tranche of export controls on dual-use-adjacent electronics, telecoms and aerospace goods. Narrower follow-on measures (luxury-goods export bans, import tariff increases, sectoral trade restrictions) were filed as separate, dated amendments to the same underlying regulations over the following weeks.
VTB alone carries £154bn in assets and 95,000 employees -- a full freeze on a bank of that scale, layered onto a blanket freeze on all other Russian banks' UK assets, is a quantified, systemic restriction rather than a judgment call. The designation list (100+ companies/individuals, including five of Russia's largest defence manufacturers by stated export value) adds a second disclosed scale dimension. No single ad-valorem/tonnage/coverage-share figure maps to the magnitude: schema, so severity rests on these two disclosed scale figures rather than a magnitude: block.
further amendment regulations in 2022 alone (see western-russia-sanctions theme for the sequence).
from UK-domiciled finance and UK-origin inputs simultaneously.
exclusion that followed within days (EU, Canada, US).
designations (OFSI's consolidated list update vs. a same-day SI) were not disambiguated in the primary source fetched; later amendment regulations (e.g. No. 3, in force 1 March 2022) are filed separately.