Regulatory Blog

European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here

On 24 February 2025, the European Union announced its sixteenth sanctions package against Russia, reaffirming its commitment to supporting Ukraine’s sovereignty, territorial integrity, and independence. This comprehensive package intensifies economic and political pressure on Russia amidst its ongoing military aggression, now entering its fourth year. The measures target critical sectors, close loopholes, and aim to further weaken Russia’s ability to sustain its war efforts.

On 24 February 2025, the UK announced its most significant sanctions package since the early days of Russia's full-scale invasion of Ukraine. Marking three years since the conflict began, these measures target over 100 entities and individuals aiding Russia's war efforts, reflecting the government's commitment to securing peace and stability in Europe.

On 11 February 2025, the UK government issued a press release announcing new sanctions against ZSERVERS, a Russian cybercrime entity facilitating global ransomware attacks. The sanctions also target six key members of ZSERVERS and its UK-based front company, XHOST Internet Solutions LP.

Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here

The Bermuda Monetary Authority has recently issued important updates regarding financial sanctions. These measures mandate that financial institutions evaluate their exposure to newly listed entities, freeze any relevant assets and report their actions to the Reporting Authority.

The Cayman Islands Monetary Authority recently issued important updates regarding financial sanctions. These measures mandate that financial institutions evaluate their exposure to newly listed entities, freeze any relevant assets, and report their actions to the Reporting Authority.

On 24 December 2024, the BVI published General Licence No. 8 (2024), allowing payments for reasonable professional legal fees and expenses related to designated persons under the Russia and Belarus sanctions regimes. This new licence, valid for six months, replaces earlier licences No. 3, No. 5 and No. 6, with important updates to fee caps and reporting requirements.

In June 2024, the English Court of Appeal’s judgment in Celestial Aviation Services Ltd v UniCredit Bank AG (London Branch) [2024] EWCA Civ 628 overturned a High Court ruling that raised concerns over the obligations of contracting parties under sanctions. The case addressed the extent to which sanctions legislation affects payment obligations under letters of credit, particularly where parties face obstacles due to international sanctions regimes.