The United Kingdom has extended sanctions against the russian federation until compensations are paid to Kyiv
Now, russian asset owners in the UK must disclose them to the financial regulators of the United Kingdom
On 19 June 2023, the Cabinet of Ministers of the United Kingdom initiated the review of new legislation regarding sanctions against the russian federation. According to the press release from the Ministry of Foreign, Commonwealth & Development Affairs (available to Mind), the UK's sanctions against russia will remain in effect until Kyiv is compensated for the damage caused.
In addition, UK Foreign Secretary James Cleverly introduced a bill that allows individuals and legal entities, who have ended up on the sanctions list, to transfer/donate their frozen russian assets to benefit Ukraine.
Why is it necessary? "The new measures represent a serious strengthening of the UK's approach to sanctions against russia, as putin and his accomplices continue their illegal war, and Ukraine counterattacks," said the foreign affairs agency.
What is new in the legislation? The most important in the legislative initiative – those who own assets in the United Kingdom on behalf of the Central Bank of russia, the russian Ministry of Finance or the russian National Wealth Fund, must now disclose them to the financial regulators of the United Kingdom. This concerns countless trusts, which under other UK laws had the right not to disclose the names of their beneficiaries.
"We are ordering individuals and legal entities in the United Kingdom or British individuals and legal entities abroad, included in the list according to the regime of financial sanctions against russia, to disclose assets they own in the United Kingdom," stated London.
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