Responses to the Russia/Ukraine Crisis - Sanctions Update No. 5

The purported annexation by Russia of four Ukrainian oblasts – Luhansk, Donetsk, Zaporizhzhia and Kherson, was met with condemnation by the United Nations and the introduction of a new round of sanctions on Russian entities, individuals and goods by many countries. The EU was swift to announce its eighth package of sanctions and the UK has announced further sanctions to come, including a ban on the provision of additional professional services to Russian parties (mirroring a similar ban by the EU), while the U.S. has targeted quantum computing services. Acting together, the G7 states have agreed to cap the price they will pay for Russian-origin crude oil and petroleum products in an effort to reduce the income Russia is receiving for its oil.

In this update to our earlier articles in this series, we look at the major recent developments in the UK, EU and U.S. sanctions programmes and consider their impact.