In response to Russia’s operation of Ukraine, the UK has put in place an unprecedented package of sanctions aimed at cutting off funding for Russia’s operations. Our clients, associates, and friends are urged to exercise an abundance of caution to ensure that they are not in breach of sanctions. Breach of sanctions will attract severe consequences.
Sanctions are having an effect on Russia’s operations in Ukraine and have severely weakened Russia’s economy.
UK trade measures seek to deny Russia access to goods, technologies and revenue necessary to pursue its operations and contribute to the degradation of its military capabilities by restricting Western items essential to Russian weapons development.
The UK, together with international partners, has identified items that Russia is using in its weapons systems. All are subject to UK sanctions. Many of these items have been found on the battlefield in Ukraine. They include electronic components such as integrated circuits and radio frequency (RF) transceiver modules. The list, below also includes items that are essential for the manufacturing and testing of the electronic components and circuits retrieved from the battlefield.
The list is divided into four Tiers, with tiers one and two containing particularly sensitive items:
• Tier 1: Integrated circuits (also referred to as microelectronics).
• Tier 2: Electronics items related to wireless communication, satellite-based radio navigation, and passive electronic components.
• Tier 3: Discrete electronic components, electronics cabling and connectors, digital cameras and related optical components.
• Tier 4: Manufacturing, production and quality testing equipment of electric components and circuits.
Russia is seeking to procure restricted goods such as those on this list, via non-sanctioning countries. Businesses must ensure that they consider these risks. Businesses should undertake due diligence to ensure that the end destination of these products is not Russia.
The UK is working in coordination with international partners to tackle sanctions avoidance and evasion, including closing routes that Russia is potentially using to circumvent sanctions.
Further information and the full list can be found on the United Kingdom Government website by following the link.
Working with The Europa Group
Europa Trust Company Limited is part of the Europa Group. We have been based in Gibraltar for over 38 years and have built a reputation as a stable and reputable business.
We provide a comprehensive range of company and trust formation and management services including company and trust administration, foundations, partnerships, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.
Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus. Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Group professional.
The Europa Group is authorised and regulated by the Gibraltar Financial Services Commission.
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