Orient Magazine Issue 86 - April 2022 - Page 16

NEWS - FROM THE UK
Doing business with Ukraine and Russia during the current tensions
The following information for UK businesses has been shared by the Department for International Trade :
On 24 February the UK announced a new package of sanctions on Russia , full details are available here : https :// www . gov . uk / government / news / foreign-secretary-imposes-uks-most-punishing-sanctions-to-inflictmaximum-and-lasting-pain-on-russia
It is important that you ensure your business activities are compliant with the current sanctions against Russia and seek legal advice if necessary . The situation will obviously develop over the coming days and weeks , so you should continue to check the guidance pages listed below to understand the potential impact on your business and action you may need to take .
If you are planning to trade with Russia , you should check if your product is on the export ban list which can be found in the Russian Sanctions : Guidance document : https :// www . gov . uk / government / publications / russia-sanctions-guidance
There is a suspension of dual-use goods . You can assess your products to determine whether or not they are controlled and are subject to this suspension via : https :// www . gov . uk / guidance / export-controls-dual-use-items-software-and-technology-goods-for-torture-andradioactive-sources
Consular support is available to British nationals in Ukraine and Russia :
Consular support for Ukraine : https :// www . gov . uk / world / organisations / british-embassy-kyiv Consular support for Russia : https :// www . gov . uk / world / organisations / british-embassy-moscow
You can stay up to date with the latest government notifications on export controls by signing up to the Export Control Joint Unit ( ECJU ) e-alert service .
Notice to Exporters e-alerts : https :// public . govdelivery . com / accounts / UKECO / subscriber / new You should also consult the links below , which refer to 2019 and the latest 2022 financial sanctions relating to Russia .
UK Sanctions Relating to Russia : https :// www . gov . uk / government / collections / uk-sanctions-on-russia Russian Sanctions : Guidance : https :// www . gov . uk / government / publications / russia-sanctions-guidance Financial Guidance , Russia : https :// www . gov . uk / government / publications / financial-sanctions-ukrainesovereignty-and-territorial-integrity
Companies doing business with countries subject to sanctions must accept the risks of doing so , just as they accept other political and market risks . We suggest you take legal advice if you suspect your business could be impacted .