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New trade restrictions with Russia and limitations on vessel movements in UK waters

Published on: 03 March 2022

DIT

British Marine would like to reassure members that we are doing all we can to provide the latest information and guidance following Russia’s invasion of Ukraine.

We are in close contact with various government departments about the trade restrictions on Russia and the guidance issued to ports earlier this week. 

As with this current situation, information and guidance is constantly evolving, however, we will provide regular updates for your sector as soon as we are able to.  

Currently, we know that new legislation to ban the export of all dual use items to Russia has been brought forward. This includes a ban on a range of high-end and critical technical equipment and components in sectors including electronics, telecommunications, and aerospace.

Details of this measure and the items affected can be found in this Notice to Exporters. Nine open general export licenses have been updated to remove Russia as a permitted destination. The full list of what is considered dual use items can be found here

The UK has also introduced sanctions on Russian companies in high-end and critical technological equipment and components in sectors including electronics, telecommunications, and aerospace. The United Shipbuilding Corporation, the largest shipping company in Russia, is one of the companies which has been sanctioned. 

The UK government has also introduced financial and economic sanctions, including freezing the assets of Russian banks, meaning those with frozen assets will be unable to undertake any business in the UK or with UK nationals. 

The measures prevent Russian companies from borrowing on the UK markets, effectively ending the ability of those companies closest to Vladimir Putin to raise finance in the UK. 

In addition to this, the Transport Secretary has written an open letter to UK ports advising them not to allow access to any Russian flagged, registered, controlled, chartered or operated vessels. Authorities have been given the power to detain Russian vessels and subsequent guidance has been issued for UK ports.  

Businesses which trade with Russia and would like further guidance on the measures brought in should contact the government’s Export Support Service on 0300 303 8955 or email exportcontrol.help@trade.gov.uk

Members are encouraged to contact British Marine if they have been impacted by the conflict and require further assistance or specific guidance on 01784 443377 or info@britishmarine.co.uk