ANNOUNCEMENT 05 May 2022

In May 2022, the UK government announced new sanctions against a major steel manufacturing company. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

UK HM Treasury, Office of Sanctions Implementation, Financial Sanctions Notice, 05/05/2022. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1073490/Notice_Russia_050522.pdf

UK Foreign, Commonwealth and Development Office, Press Release, “Russia: UK sanctions major manufacturer of Russian steel”. Available at: https://www.gov.uk/government/news/russia-uk-sanctions-major-manufacturer-of-russian-steel

Inception date: 05 May 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 5 May 2022, the UK Treasury issued a notice imposing sanctions on Russian steel manufacturing and mining company Evraz plc on account of its alleged role in the invasion of Ukraine. The Financial Sanctions Implementation Office of HM Treasury has frozen the assets of this entity and transactions by UK citizens or companies with Evraz plc are prohibited.

According to an announcement from the Foreign, Commonwealth and Development Office Evraz plc produces 28% of all Russian railway wheels and 97% of rail tracks in Russia.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
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