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EU Adopts 9th Package of Sanctions against Russia

EU Council adopts the 9th package of sanctions against Russia.

On 16 December 2022, the EU Council adopted the ninth package of economic and individual sanctions against Russia. The package was formed in response to ongoing attacks by Russia on Ukrainian power infrastructure. It includes a series of measures intended to hinder Russia’s ability to continue its aggression against Ukraine.

The post-Brexit UK Sanctions and Anti Money Laundering Act 2018 has meant that the UK now closely oversees the implementation of sanctions measures in the British Overseas Territories (BOTs), including the Cayman Islands.

The 2019 UK-Russia Regulations, as amended over time, were extended to designated BOTs, including the Cayman Islands under the Russia (Sanctions) (Overseas Territories) Order 2020. As such, changes to the 2019 UK-Russia Regulations under the 2022 UK-Russia Amendments may be “directly effective” in the BOTs as well.

If you are concerned that these sanctions may impact your fund or entity get in touch with us today. Further reading on the updated sanctions can be viewed below:

The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022

The Russia (Sanctions) (Overseas Territories) Order 2020

Contact our experts for further advice

Chris Humphries

Managing Director and Head of Funds

Tel:+1 (345) 814-7911

,

Jonathan McLean

Partner and Head of Banking & Regulatory

Tel:+1 (345) 814-7930

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.

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